New geopolitical developments make it necessary to develop additional ports in Greece, and this premise is at the heart of the shared interest of the AKTOR Group and the ONEX Group in the concession for the commercial operation of the port of Elefsina, noted Mr. Alexandros Exarchou, Chairman and CEO of the AKTOR Group and CEO of Atlantic SEE LNG Trade, speaking at the Blue Strategy Summit 2026 organized by the Hellenic Shipbuilders’ Association.
As he emphasized during a discussion with the Chairman and CEO of the ONEX Group, Mr. Panos Xenokostas, the evolution of the Greek economy, geopolitical shifts, and new conditions necessitate the creation and modernization of additional ports in Greece. And, while our country is situated at the crossroads of three continents, it essentially has only one major international port, which will not be sufficient for the transformations and developments expected to arise in the international environment in the future.
The Advantages of Elefsina
Mr. Exarchou emphasized that the vertical energy and road corridor creates a need for well-organized ports to serve Southeast Europe and noted that Elefsina is the best choice because it has easy access to transportation infrastructure and sufficient space for the development of a well-organized logistics hub. He also commented that the ever-increasing competition between the U.S. and China is forcing Europe to monitor developments more closely and is creating further needs not only for infrastructure, but also for energy connections, due to the war in Ukraine and the conflict in the Middle East.
The vertical corridor and LNG
Referring to LNG, he noted that it represents an opportunity not only for the Group but primarily for Greece, as it shifts the geopolitical balance in the region in the country’s favor. He added that the vertical corridor can ensure an adequate supply of significant quantities of American LNG to Europe in light of the ban on Russian natural gas and the difficulties that will also arise regarding imports of Azerbaijani natural gas.
As he added, this endeavor will be achieved through long-term contracts that will bring balance to Europe in terms of both price and the securing of the required quantities. Mr. Exarchou pointed out that the coming winter will likely be difficult for Europe, as there will be difficulty securing natural gas, and he estimated that this will have an impact on the European economy, because it will ultimately be forced to purchase it at a higher price.
Impact on the European economy as a whole
He also predicted that the EU will attempt to resolve the issue centrally, following the model of the Covid vaccines, either through a new financial instrument, such as the Recovery Fund, or by issuing Eurobonds. Because, if it does not, rising energy costs will lead to a surge in inflation to unmanageable levels.
Furthermore, he continued, long-term LNG contracts can create the conditions for the development of new energy infrastructure, such as FSRUs and improvements to gas networks, as the long-term purchase and sale commitment and revenue predictability make the project easily eligible for financing from the banking sector.
New commercial agreements by summer
At the same time, Mr. Exarchou reiterated that it is essential for both the vertical corridor and for Europe that there be a balance among natural gas suppliers. He added that, in addition to the two long-term agreements secured by the AKTOR Group with Albania and Bosnia – Herzegovina, the Memoranda of Understanding (MoUs) it has signed with other organizations in Southeast Europe are expected to take the form of final agreements by summer. Mr. Exarchou pointed out that this development, beyond the clear benefits for the Greek economy, gives our country an influence over the region’s energy affairs that it has never had before.
Concession contracts: a model for the future
Referring to the difficulties traditionally found in the infrastructure sector, Mr. Exarchou emphasized that no one expects to resolve pathologies dating back many decades within a few months. He also emphasized that if one compares the state of infrastructure 10 years ago with today, one will see that the country has come a long way.
He also noted that the model applied to concession projects—which requires better preparation and maturation of projects, as well as high-quality studies—is the optimal way to produce next-generation infrastructure. This is because, in traditional public works, there have been project tenders with low design maturity and errors—as was the case with the Thessaloniki Metro—which cause major delays and create problems. He also noted that, going forward, major projects in the country will be implemented through the concession method, as will be the case with the port of Elefsina.