Processes for the supply of natural gas through Greece with long-term agreements in at least six countries in Southeast Europe, some of which have been signed in principle agreements (memoranda of understanding) are currently in progress.
This was reported yesterday by sources at Atlantic See, a joint venture between DEPA Trading and the AKTOR Group on the sidelines of the event announcing the supply agreements for Albania and Bosnia to receive U.S. liquefied natural gas via the Greek system.
These countries include Romania, Moldova, Bulgaria, Ukraine, Hungary and North Macedonia , with which an interconnector pipeline is scheduled to begin operations in 2027. As noted by the CEO of ATLANTIC SEE Alexandros Exarchou, the Memoranda of Cooperation signed with Ukraine, Bulgaria, and Romania are expected to evolve into definitive agreements by the end of the year.
These agreements will put into practice the vertical natural gas corridor, that is, the plan to supply countries in the region with natural gas that will be imported in liquefied form to the regasification facilities operating in Greece (Alexandroupoli and Revythousa). As was emphasized yesterday, the agreements with Albania and Bosnia are the first and only long-term natural gas sales agreements signed in the region and include guarantees for the repayment of the fuel throughout the term of the contract. It should be noted that the agreements between Atlantic See and the two countries have a 20-year term, beginning in 2030. The gas supplier will be the American company Venture Global, and the agreed-upon quantities are 1.5 billion cubic meters of gas per year.
The same sources reported that next winter, the European Union is likely to face a natural gas supply shortagenatural gas, as Russian gas is being gradually phased out of the European market (until its complete elimination in the fall of 2027), while at the same time export capacity from Qatar—whose facilities were damaged during the recent crisis in the Persian Gulf—will not have been fully restored.
On the contrary, they emphasized that Greece has sufficiently diversified sources that ensure a smooth supply to the market, both through long-term pipeline contracts and short-term purchases of liquefied natural gas. The increased share of renewable sources in the energy mix also serves as an effective safeguard, as was evident during the recent crisis in the Persian Gulf. However, a rise in fuel prices cannot be ruled out, partly due to increased demand during the winter season.
Finally, in the natural gas market , there is cautious optimism regarding the upcoming (July 6) auction for the allocation of natural gas transit capacity from the Greek system northward over a longer-term (up to annual) horizon. The reasons are, on the one hand, the reduced transit costs agreed upon following—primarily—Greek pressure, and on the other hand, the supply needs of countries in the region.
