Greece’s strategic footprint in the energy sector was significantly expanded during Tuesday’s “Transatlantic Gas Security Summit” in Washington, an initiative of the White House Council on Energy Sovereignty.
Of the six landmark energy agreements announced, five are directly linked to Greek interests and the Vertical Energy Corridor, reinforcing the country’s status as the premier LNG gateway for Southeast Europe.
Strategic agreements at the Transatlantic Gas Security Summit
Hosted at the Donald J. Trump Institute for Peace, the summit aimed to deepen transatlantic LNG cooperation and accelerate infrastructure projects vital to regional energy resilience. Following the initial meeting in Athens last November, the Washington summit represents a shift from conceptual planning to practical implementation, focusing on commercial viability and technical maturation.
A pivotal development was the signing of new long-term US LNG sales agreements by Atlantic SEE LNG Trade—a joint venture between the AKTOR Group (60%) and DEPA Commercial (40%). These deals involve four nations along the Vertical Corridor, positioning Greece as the primary entry point for gas distribution into Central and Eastern Europe. Furthermore, METLEN signed an agreement to bolster long-term flows of American LNG to the region.
Addressing the Russian gas challenge
Discussions centered heavily on the continued flow of Russian natural gas into Europe, primarily via Turkey, estimated at 17–18 billion cubic meters (bcm) annually. Participants identified these flows as a primary obstacle to the commercial development of the Vertical Corridor. This aligns with previous statements by President Trump, who has criticized the paradox of European nations paying billions for Russian energy while relying on US-led NATO protection.
Despite broader political differences, the summit highlighted a clear convergence between Washington and European governments regarding energy independence from Russia. For the US, this strategy ensures geopolitical stability in a vulnerable region. For Greece, these new interconnections serve as a catalyst for economic growth and regional cohesion, with implications reaching as far as broader transit projects like the IMEC (India-Middle East-Europe Economic Corridor).
Navigating regulatory bottlenecks
Significant technical and regulatory hurdles remain. The summit addressed the “Capacity Allocation Mechanism Code” and the “Tariff Network Code,” which many experts argue are outdated and unresponsive to current market dynamics. This lack of regulatory certainty has deterred some countries from committing to long-term LNG contracts, even as the deadline to fully decouple from Russian gas looms less than two years away.
To address this, a technical meeting is scheduled for Wednesday at the U.S. Department of Energy. It will involve Transmission System Operators (TSOs), European Commission representatives, and energy ministries to expedite the creation of a stable regulatory framework.
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