The Vertical Corridor is changing course, with long-term agreements, the reduction in tariffs, and the long-term products under the new agreement with the European Commission, it is expected to attract stronger interest in future auctions.
This was the highlight of the presentation by Atlantic SEE CEO Alexandros Exarchos and Chairman Konstantinos Xifaras at the event titled “The Vertical Corridor: The New Gateway to Energy Security for Europe,” where opening remarks were delivered by Minister of Environment and Energy Stavros Papastavrou and U.S. Ambassador to Greece Kimberly Guilfoyle.
A common theme was that the Vertical Corridor is now a project with dual significance: commercial, because it creates new opportunities for the supply and transport of LNG, and geopolitical, because it strengthens the diversification of Europe’s energy sources and transatlantic cooperation.
According to Mr. Exarchou, a key point is that not only is Atlantic SEE LNG’s long-term agreement with Venture Global to double volumes being activated, but the projected volumes are also being doubled. This is because Atlantic now has two off-take agreements, each for 1.5 billion cubic meters—one with Albania and the other with Bosnia— a fact that lends the project greater commercial security and strengthens the ability to transport U.S. LNG to the markets that the Vertical Corridor will serve.
“In practice, today is a particularly symbolic day, as a project that just a few months ago was viewed by many as unachievable now has realistic prospects for implementation. We are witnessing the transition of the Vertical Corridor from an ambitious plan to a project with a now tangible commercial and geopolitical foundation,” said the CEO of Atlantic SEE LNG Trade and Chairman and CEO of the AKTOR Group, Alexandros Exarchou, making special mention of the contribution of U.S. Ambassador Kimberly Guilfoyle, who was in attendance.
“Without the support of the ambassador and the U.S. side, the project could not have gained the same momentum nor acquired its strong national and geopolitical character. Her interventions helped demonstrate that the project is not only technically and commercially feasible, but also politically viable,” she noted.
Xifaras: Greece’s Role as an Energy Gateway Strengthened
Konstantinos Xifaras, president of Atlantic SEE LNG Trade, in turn highlighted the strategic importance of energy cooperation between Greece and the United States for Europe’s security of supply.
In practice, he said, the cooperation between the two countries goes beyond a single commercial contract, as it concerns how Greece and the U.S. can contribute to shaping a safer, more resilient, and more diversified energy future for Europe.
At a time when geopolitical upheavals have brought energy security back to the forefront of the international debate, he emphasized that the issue is not merely economic but directly concerns the stability, resilience, and strategic autonomy of European countries.
In this context, he highlighted the role of the U.S. as one of the world’s leading LNG suppliers, adding that Greece has invested in infrastructure, interconnections, and new transmission capabilities that enable it to serve as an energy gateway to markets in the wider region.
“The convergence of these two dynamics presents a significant opportunity to strengthen energy security, deepen the interconnection of European markets, and create new avenues for cooperation, development, and economic value,” he noted.
Gillfoyle: A “Game Changer” for Greece, the U.S., and the Vertical Corridor
U.S. Ambassador Kimberly Gilfoyle described the doubling of volumes provided for in the contract between Atlantic Sea LNG Trade and Venture Global as a historic milestone, emphasizing that the agreement substantially upgrades transatlantic energy cooperation.
In practice, the new agreement is a “game changer” for U.S.-European relations in the energy sector, as it provides for the supply of U.S. LNG over a 20-year period, with a total value of $9 billion. According to her, the agreement ensures a supply of clean and competitive U.S. natural gas and creates a more stable foundation for the energy supply of the wider region.
Papastavrou: A Permanent Lifeline for Energy Security
The Minister of Environment and Energy, Stavros Papastavrou, who made special mention of Europe’s independence from Russian natural gas and Greece’s enhanced role in the region’s new energy architecture.
He noted that Russia’s use of energy as a tool following its invasion of Ukraine demonstrated in the clearest possible way that energy security cannot be viewed narrowly as a matter of supply adequacy. “It is not security if it is not cheap and stable,” he noted, pointing out that Europe ultimately paid a very high price for its previous dependence on cheap Russian gas.