Greece has agreed to import 700 million cubic meters of U. S. liquefied natural gas (LNG) annually starting in 2030, marking its first long-term agreement with the U. S. This 20-year deal aims to increase U. S. LNG exports from Greece to northern European countries, including Ukraine, especially after the European Union’s recent ban on Russian LNG by 2027 due to the war in Ukraine.
Under this agreement, U. S. LNG purchases by Greece could rise to about 2 billion cubic meters per year. The gas supply will be facilitated by a joint venture between Greece’s largest gas utility, DEPA, and U. S.-based energy firm Venture Global. U. S. officials are optimistic about replacing all Russian gas in Western Europe.
Greece’s Prime Minister, Kyriakos Mitsotakis, highlighted that much of the gas imported does not remain in Greece and mentioned the EU’s ban on Russian gas as an opportunity to reshape the energy landscape of Southeast Europe.
Ukraine and Romania are interested in purchasing up to 3.7 billion cubic meters of LNG from this Greek joint venture from 2030 to 2050. Meanwhile, Ukraine has resumed gas imports via the Transbalkan pipeline to maintain its energy supply through winter.
With information from Reuters