Who are the Greek entities involved in this joint venture?

The purchasing entity, Atlantic-SEE LNG Trade, is a joint venture between DEPA Commercial, Greece's established state-backed gas utility, and AKTOR Group (formerly Ellaktor), a major infrastructure and construction conglomerate that is increasingly diversifying into the energy transition and utility sectors.

Where will the LNG be delivered and how will it reach broader European markets?

The LNG will be delivered to Greek import terminals, primarily the newly operational Alexandroupolis FSRU and the Revithoussa terminal near Athens. From there, the gas will be regasified and pumped northward through the Interconnector Greece-Bulgaria (IGB) and the wider Vertical Corridor pipeline network to reach markets in Romania, Moldova, and potentially Ukraine.

Why are European buyers still signing 20-year fossil fuel contracts despite green transition targets?

Despite the European Union's long-term decarbonization goals, regional energy security remains the immediate priority. Long-term contracts linked to US Henry Hub prices offer price predictability and volume guarantees that protect utilities from the extreme price spikes seen in the spot market, serving as a reliable bridge fuel for the next two decades.

Offshore Energy · June 12, 2026 (Jun 12) · 1 min read

Greek player doubles US LNG supplies with expansion of Venture Global deal

Analysis

AI-assisted analysis · reviewed by Yuri Kan

The doubling of the long-term LNG supply agreement between Venture Global and Greece's newly formed Atlantic-SEE LNG Trade JV underscores Athens' accelerating ambition to become the primary energy gateway for Southeast Europe. By securing increased volumes of American shale gas, the Greek consortium (comprising AKTOR Group and DEPA Commercial) is positioning itself to displace historical Russian pipeline dominance across the Balkans. This transaction highlights the growing reliance of Southern European utilities on long-term US Henry Hub-linked contracts to guarantee price stability and supply security in a post-pipeline import era.

Key Facts

Venture Global has doubled the volume of its existing 20-year liquefied natural gas (LNG) supply agreement with Greek counterparties.
The purchasing entity is Atlantic-SEE LNG Trade, a newly established joint venture between Greek infrastructure giant AKTOR Group and state-controlled gas firm DEPA Commercial.
The contracted LNG will be sourced from Venture Global's portfolio of liquefaction projects along the US Gulf Coast, which includes Calcasieu Pass, Plaquemines LNG, and CP2 LNG.
The expanded volumes are destined to supply not only the domestic Greek market but also broader Southeast European destinations via existing and emerging regional interconnectors.
This deal strengthens the commercial viability of Greece's expanding gas import infrastructure, including the newly commissioned Alexandroupolis FSRU.

Background & Context

Following the 2022 energy crisis and the subsequent curtailment of Russian pipeline gas to Europe, Greece has aggressively expanded its gas infrastructure to serve as a regional transit hub. The country has upgraded its Revithoussa LNG terminal, launched the Alexandroupolis floating storage and regasification unit (FSRU), and backed the Interconnector Greece-Bulgaria (IGB) to pipe gas northward. US LNG exporters, led by players like Venture Global, have capitalized on this structural shift by locking in long-term, 20-year Sales and Purchase Agreements (SPAs) with European buyers seeking to hedge against spot market volatility.

Market Impact

This expanded agreement significantly enhances the market liquidity of the Vertical Corridor, an initiative aimed at transporting gas from Greece up to Ukraine. For DEPA Commercial and AKTOR, the increased volumes provide the necessary scale to compete as major regional wholesalers, challenging traditional suppliers in Bulgaria, Romania, and North Macedonia. For Venture Global, this deal secures another long-term off-taker, which helps underpin the final investment decisions (FIDs) for its pipeline of expansion projects, notably CP2 LNG, amid ongoing regulatory scrutiny in the United States.

What to Watch

Market observers should watch for the official commencement date of the doubled cargo deliveries, which will likely align with the commercial operations of Venture Global's Plaquemines and CP2 facilities. Additionally, the utilization rates of the Alexandroupolis FSRU and the progress of capacity expansion tests on the Interconnector Greece-Bulgaria (IGB) will serve as key indicators of how effectively this US gas is being integrated into the Balkan energy mix.

Why This Matters for Cyprus

While this deal does not directly touch Cypriot soil, it significantly alters the East Mediterranean gas dynamics by cementing Greece as the dominant regional transit hub. As Cyprus works to develop its own offshore discoveries (such as Aphrodite, Cronos, and Calypso) and plans its own LNG import options, it must navigate a regional market increasingly saturated with long-term US LNG commitments routed through Greek infrastructure.

Frequently Asked Questions

Who are the Greek entities involved in this joint venture?: The purchasing entity, Atlantic-SEE LNG Trade, is a joint venture between DEPA Commercial, Greece's established state-backed gas utility, and AKTOR Group (formerly Ellaktor), a major infrastructure and construction conglomerate that is increasingly diversifying into the energy transition and utility sectors.
Where will the LNG be delivered and how will it reach broader European markets?: The LNG will be delivered to Greek import terminals, primarily the newly operational Alexandroupolis FSRU and the Revithoussa terminal near Athens. From there, the gas will be regasified and pumped northward through the Interconnector Greece-Bulgaria (IGB) and the wider Vertical Corridor pipeline network to reach markets in Romania, Moldova, and potentially Ukraine.
Why are European buyers still signing 20-year fossil fuel contracts despite green transition targets?: Despite the European Union's long-term decarbonization goals, regional energy security remains the immediate priority. Long-term contracts linked to US Henry Hub prices offer price predictability and volume guarantees that protect utilities from the extreme price spikes seen in the spot market, serving as a reliable bridge fuel for the next two decades.

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