Doubled LNG for Greece
Venture Global and Atlantic-SEE Double Long-Term LNG Supply Deal for Greece Starting in 2030
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Venture Global and Greece's Atlantic-SEE LNG Trade have agreed to double their long-term supply deal, bringing US liquefied natural gas volumes to 1.0 million metric tons per year starting in 2030, according to Reuters. The 20-year contract runs through 2050 and doubles the original 0.5 MTPA deal signed just seven months ago in Athens.
The announcement, made June 11, builds on Venture Global's existing 25% stake in Greece's Alexandroupolis LNG import terminal — roughly 1 MTPA of regasification capacity. The deal cements Greece's role as a key entry point for US gas flowing into Southeast Europe and beyond.
How Greece Became a US LNG Gateway
The partnership took shape fast. In September 2024, Venture Global bought a 25% stake at the Alexandroupolis terminal, according to S&P Global. Two months later, the two sides signed an initial 0.5 MTPA deal at the Partnership for Transatlantic Energy Cooperation summit in Athens. Now, less than a year on, they've doubled the commitment.
Atlantic-SEE is a joint venture between AKTOR Group, which holds 60%, and DEPA Commercial, which holds 40%. AKTOR and Atlantic-SEE CEO Alexandros Exarchou called the expansion a sign of Greece's "ambition and solid ground" as a long-term energy partner, according to Business Wire.
The Vertical Corridor: Gas Route from Greece to Ukraine
This deal is a cornerstone of the so-called "Vertical Corridor" — a South-to-North pipeline route moving gas from Greek terminals through Bulgaria and Romania into Ukraine. In February 2026, Atlantic-SEE signed supply MOUs with Bulgargaz, Ukraine's Naftogaz, Albania, and Bosnia & Herzegovina, according to S&P Global. The route would supply Ukraine with roughly 1 billion cubic meters of gas per year.
The EU wants to fully phase out Russian gas by 2027. With the last Russian pipelines through Turkey expected to go dark by 2028, Greece has moved quickly to fill that gap. The Atlantic Council describes Greece's shift from an "energy endpoint" to a "dynamic transit hub" as a flagship initiative for the whole region.
A $20.7 Billion US Project Underpins the Supply
The gas will flow from Venture Global's CP2 LNG project in Louisiana. On March 13, 2026, Venture Global reached a final investment decision on Phase 2 of CP2, closing $20.7 billion in financing, according to Business Wire. Venture Global CEO Mike Sabel said the Vertical Corridor has "emerged as a vital energy hub" and that US investment is "creating new pathways for secure, reliable energy."
US LNG already accounts for 60–70% of Greece's imports, valued at roughly $1 billion a year, according to the International Trade Administration. Venture Global's total capital markets transactions now exceed $95 billion following the CP2 Phase 2 close.
Climate Critics Warn of Stranded-Asset Risk by 2050
Not everyone sees the deal as a win. Critics argue that locking Greece into a 20-year fossil fuel contract ending in 2050 risks creating "stranded assets" and could slow the country's shift to clean energy, according to analysts cited by Reuters. Greece has vast solar and wind potential that some experts say should be the long-term focus.
There are regional friction points too. In Bosnia & Herzegovina, the government has contested the legitimacy of supply MOUs signed by private companies rather than state-authorized importers, according to S&P Global. Meanwhile, smaller European buyers say they are being priced out entirely, as US exporters increasingly favor large, well-funded joint ventures like the AKTOR-DEPA partnership.
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