Atlantic SEE is planning its next phase of expansion in Southeast Europe, the joint venture between AKTOR (60%) and DEPA (40%), which is “eyeing” new countries and seeking to strengthen its footprint along the Vertical Corridor by expanding its network of partnerships in the region.
Looking ahead at the joint venture’s business plan, the next three steps involve entering two new markets in Southeast Europe, the conclusion of short-term agreements for the trade of U.S. LNG by 2026, and the conversion of existing memoranda of understanding into binding multi-year natural gas supply contracts. At the same time, the company is also considering the possibility of expanding its operations into the domestic market, though it has not yet reached any specific decisions.
The direction of Atlantic SEE’s next steps was outlined during yesterday’s presentation by the company’s CEO, Alexandros Exarchou, and Chairman Konstantinos Xifaras at an event with strong geopolitical and energy symbolism. The Minister of Environment and Energy, Stavros Papastavrou, and the U.S. Ambassador to Greece, Kimberly Gilfoyle, were in attendance and offered their greetings.
A key factor in these developments is the recent activation of the 20-year LNG supply agreement with Venture Global, following the issuance of the required letters of guarantee totaling 131 million, a development accompanied by a doubling of the quantities that Atlantic SEE will receive from the U.S. company for the period 2030–2050. From at least 500,000 metric tons, this increases to 1 million metric tons of LNG per year.
This deal was finalized at the same prices as those set in the initial contract signed in November during the transatlantic P-TEC summit at the Zappeion, as Mr. Exarchou noted.
Analyzing Atlantic SEE’s roadmap for the coming period, the key priorities are:
1. Concluding short-term contracts along the Vertical Corridor, lasting from a few months to one year. Mr. Exarchou reiterated this yesterday, recalling his own earlier statement on the matter, though without going into detail. The new Vertical Corridor framework now allows for products with durations ranging from three months to one year.
2. In this context, Atlantic SEE is reportedly exploring expansion into two new markets in the region: Hungary and North Macedonia. Specifically for the latter, gas will be supplied via the Greece–North Macedonia interconnector pipeline, currently under construction, which is expected to enter commercial operation by 2027.
3. DEPA’s participation in the upcoming July 6 auction for the Vertical Corridor, the first to be held under the new regime of reduced transmission charges and longer-term contracts agreed upon with the European Commission. DEPA’s CEO, Konstantinos Xifaras, confirmed the company’s participation, while the presence of Bulgaria’s Bulgargaz is also considered certain; Bulgargaz traditionally commits to approximately one-quarter of the available capacity in the annual auctions. Given these circumstances, it is estimated that during the upcoming restart of the Vertical Corridor, 30%–50% of the auctioned capacity via Sidirokastro—totaling 100 gigawatt-hours—will be reserved. Potential recipients beyond Bulgaria include customers from Romania and Ukraine. Although the volume of approximately 30–50 GWh is not enormous, the current period is considered a preparatory phase for the 2027–2028 gas year, when the supply of Russian gas will definitively end.
4. The goal is to convert, by 2026, the memoranda of cooperation for long-term contracts that Atlantic SEE has signed with companies and entities from Bulgaria, Romania, and Ukraine into binding commercial agreements.
When asked about this by euro2day.gr, Mr. Exarchou highlighted in particular the agreements, with a total estimated value of $9 billion, for the supply of 1.5 billion cubic meters of U.S. natural gas annually to Albania and Bosnia via Greece, beginning in 2030. Of these volumes, 1 billion cubic meters are destined for the Albanian market, and the remaining 500 million cubic meters for Bosnia. The agreements previously signed by AKTOR LNG USA will be transferred to Atlantic.
As for the transport of volumes to Albania, this is expected to take place via the Trans Adriatic Pipeline (TAP), for which DEPA has secured a transport capacity of 1 billion cubic meters per year. For Bosnia, the supply will be routed through the LNG terminal on the island of Krk in Croatia.
A key provision of the agreement with Venture Global is the clause allowing Atlantic SEE to divert these specific volumes to alternative markets if the original buyers are unable to absorb them. This capability, combined with the ability to sell at spot prices when market conditions permit, provides the project with increased commercial flexibility and additional safeguards.
The Future Decision on the FSRU
When asked whether Atlantic’s next steps include the plan previously mentioned by Mr. Exarchou regarding an investment in a floating storage and regasification unit (FSRU), he left the possibility open, stating that “it is an issue on which the time will soon come for us to make some decisions.”
As he said, “It’s an issue that concerns us, interests us, and we’re taking it very seriously. We’ll be making some announcements soon, but not today.”
Also of interest is his response regarding any potential financial involvement in Atlantic’s plans by the U.S. development bank DFC. “Atlantic does not need a capital injection. The DFC’s assistance would be needed in a scenario where infrastructure improvements are required, provided that a long-term agreement with Ukraine is secured first. Twenty-year agreements require government guarantees, and the bank could become involved,” he said.