The Vertical Corridor — a natural gas route linking Greece with Bulgaria, Romania, Moldova and Ukraine — has become a prominent feature of recent U.S.-Greece discussions on energy security.
President Donald Trump recently referred to the corridor during a ceremony for Greece’s new ambassador to the United States, describing bilateral relations as stronger than ever and underscoring the project’s strategic relevance.
Officials in both capitals present the corridor as a strategic opportunity that could facilitate the movement of American liquefied natural gas (LNG), into Southeastern and Eastern Europe, particularly as the European Union prepares to phase out Russian gas imports by the end of 2027.
Under this vision, LNG cargoes arriving at Greece’s Revithoussa terminal near Athens and at the floating storage and regasification unit in Alexandroupolis would move north through interconnected pipeline systems toward regional markets.
At present, however, market participants point to high costs, regulatory frictions and infrastructure constraints that limit commercial viability.
LNG Agreements and Washington Meeting
Recent commercial activity is being framed by participants as preparatory work. ATLANTIC — a partnership between Greek construction group AKTOR and DEPA Commercial — has signed agreements involving U.S. LNG cargoes, including a Jan. 31 deal to supply volumes to Ukraine’s Naftogaz.
Aktor CEO Alexandros Exarchou has indicated that additional agreements for LNG imports are under discussion, suggesting that announcements could be made in Washington on Feb. 24. A day earlier, on Feb. 23, auctions are scheduled for volumes tied to the Jan. 31 agreement.
Energy ministers from countries associated with the Vertical Corridor are expected to meet in Washington on Feb. 24 alongside company representatives. Greece’s Environment and Energy Minister Stavros Papastavrou is set to attend. Aktor CEO is also expected to attend the talks.
PPC’s €2.3 Billion Data Center Plan
The strategic cooperation between Greece and the United States, articulated politically through the Vertical Corridor, is also being reflected in discussions across other business sectors.
Public Power Corp., Greece’s dominant electricity utility, is reportedly negotiating with U.S. hyperscalers — large cloud computing companies — over the development of a €2.3 billion data center at the site of the former Agios Dimitrios power plant in Western Macedonia.
If finalized, the investment would represent one of the largest technology projects in Greece and could position the country within the expanding global infrastructure supporting artificial intelligence and cloud services. A final agreement is not expected before late 2026.
Market estimates suggest that a successful first phase could lead to the construction of a larger, 1-gigawatt data center in the same region, with potential expansion into Romania in partnership with hyperscalers.
Although separate from the Vertical Corridor, the timing of the talks has contributed to a broader narrative in Athens linking energy alignment with the United States to increased investment interest.
Elefsina Port and Strategic Positioning
Attention is also shifting to the Port of Elefsina, west of Athens, where redevelopment plans are unfolding against a broader geopolitical backdrop.
Greece’s Growthfund is considering launching an international tender for the sub-concession of part of the port’s land zone in the Vlycha area. The proposed terms would allow the selected investor to develop not only the designated port section but also adjacent land already under its control — a provision viewed as strengthening the project’s investment case.
But the discussion around Elefsina extends beyond logistics and investment returns.
Containing Chinese commercial expansion is widely viewed as a central priority for U.S. policy in Greece. According to reporting from TO BHMA, countering Beijing’s footprint in strategic infrastructure ranks high on the agenda of the U.S. Embassy in Athens and the White House alike.
That position was reiterated recently by U.S. Ambassador to Greece Kimberly Guilfoyle, who publicly defended earlier criticism of Beijing’s role in Greek infrastructure, particularly the dominant presence of China’s Cosco at the Port of Piraeus.
Elefsina’s proximity to Piraeus, as well as its rail connectivity, carries strategic weight. While long overshadowed by its larger neighbor, the port is increasingly seen as a potential alternative node within Greece’s maritime network.
The European dimension complicates matters. Chinese groups hold stakes in major ports across the continent, including in Belgium, the Netherlands, Spain and Italy, using them as gateways for large volumes of goods into the EU market. Any attempt to recalibrate influence in Greek ports would unfold within that wider commercial landscape.
Adjacent to Elefsina port are the Elefsina Shipyards, which control roughly 400 acres of neighboring land. The shipyards are under U.S.-backed ownership through ONEX and are being rehabilitated with €125 million in financing from the U.S. International Development Finance Corp. ONEX has outlined plans for an initial €200 million investment to expand port and related infrastructure activities.
Recent legislative changes by Greece’s Development Ministry have enabled the modernization of the shipyards and the expansion of their activities into commercial, transport and port-related operations. Other private landholders in the area add further complexity to any large-scale development.
Source: tovima.com
