Greece Signs First Long-Term U.S. LNG Supply Deal

Greece signed its first-ever long-term contract for U.S. liquefied natural gas (LNG) on Friday, marking what officials described as a historic day for the country and for its deepening energy ties with the United States.

The agreement was signed by ATLANTIC – SEE LNG TRADE S.A. (AS LNG)—a joint venture recently established by Aktor and DEPA Commercial—with U.S. LNG producer Venture Global. The 20-year contract, which takes effect in 2030, will see American LNG delivered to Greece for onward distribution through the Vertical Corridor, linking Greece to Bulgaria, Romania, and Ukraine.

Although total volumes were not disclosed, DEPA Commercial CEO Konstantinos Xifaras told reporters that the deal includes a minimum annual supply of 0.7 billion cubic meters (bcm) and a maximum of up to 4 bcm, depending on market demand.

As part of the broader initiative, AS LNG also signed memoranda of understanding (MoUs) with Ukraine and Romania to facilitate the re-export and distribution of LNG secured under the Venture Global deal to those markets. The move strengthens Greece’s position as a transit hub for U.S. gas into Southeastern and Eastern Europe.

Speaking at the signing ceremony in Athens, Aktor CEO Alexandros Exarchou called the moment “a historic day for Greece,” emphasizing that the agreement carries national significance beyond its commercial scope.

“We are completing a global commercial venture for the acquisition of major LNG quantities from the United States,” Exarchou said. “At the same time, we are signing memoranda of understanding with Ukraine and Romania for the further distribution of this gas to those countries.”

Exarchou praised U.S. Ambassador Kimberly Guilfoyle for her “tireless efforts” in facilitating the deal, along with U.S. Interior Secretary Doug Burgum, Prime Minister Kyriakos Mitsotakis, and Energy Minister Stavros Papastavrou. “Without their commitment, this would not have been possible,” he said, calling the agreement a turning point for Greece’s geopolitical and energy position.

Ambassador Guilfoyle described the day as historic, saying the deal would “shape the region’s trajectory for years to come” and strengthen the Vertical Corridor, a key route for delivering U.S. gas to Europe.

Xifaras highlighted the regional importance of the contract.

“This is not only Greece’s first long-term US LNG deal but also the first in Southeastern Europe,” he said. “When political leaders provide the vision, it is our duty to turn it into reality.”

The signing highlights Washington’s expanding energy presence in Europe as the EU moves to phase out Russian gas imports by 2028. It also supports Greece’s efforts to position itself as a regional link for energy transit and diversification in the Balkans and Eastern Europe.

Venture Global, founded by former banker Michael Sabel and lawyer Robert Pender, has become one of the fastest-growing U.S. LNG exporters but has also faced legal and financial challenges. In October, BP won a $1 billion arbitration case against the company, arguing it unfairly sold LNG cargoes on the spot market rather than honoring long-term contracts during the 2022 energy price surge.

According to the Financial Times, Venture Global—known for its close ties to former President Donald Trump’s administration and for having contributed $1 million to his inaugural campaign—has also faced headwinds following a lackluster initial public offering in January. Its shares trade at roughly half their IPO price, and it remains one of the most shorted energy stocks in the United States.

This is not Venture Global’s first step into the Greek energy market. In 2024, the company signed a five-year deal for 25% of the regasification capacity at the Alexandroupolis floating LNG terminal, beginning in 2025. Announced at the Gastech conference in Houston, that agreement enables Venture Global to supply about 1 million metric tons of LNG annually to Central and Eastern Europe, sourced from its Plaquemines terminal in Louisiana and the planned CP2 facility.

Despite its controversies, Venture Global remains a key force in the transatlantic LNG trade—with Greece now emerging as its strategic gateway for U.S. natural gas into Europe.

Source: tovima.com