The Partnership of Transatlantic Energy Cooperation (P-TEC) is about to start in Athens on Thursday, placing Greece to the forefront of energy developments.
Athens aspires to give new impetus to the country’s strategy to strengthen its role as an energy supply center for southeastern Europe.
The Summit will be attended by four US secretaries, energy ministers from 25 countries, as well as high-ranking executives from energy giants.
Agenda
At the top of the agenda will be the supply of natural gas to the countries of southeastern Europe, in light of the EU’s decisions to gradually ban imports of Russian natural gas by the end of 2027, a development that is creating a supply gap in the region. The vertical gas corridor will also be in focus, as well as attracting investment in energy infrastructure,
The US interest concerns, primarily, the promotion of liquefied natural gas from the other side of the Atlantic, through the gasification infrastructure of the Greek system (LNG stations of Revithoussa and Alexandroupolis) and the network of international interconnections that ensure access to the countries of the region, up to Ukraine.
As the Minister of Environment and Energy, Stavros Papastavrou, pointed out Greece will be at the center of Euro-Atlantic energy relations, reflecting Greece’s power to exploit its geographical location, the infrastructure that the Greek people have financed, the political and economic stability that it has and the pro-investment climate.
Greece as a key energy hub with American LNG as its “vehicle”
The choice of the Greek government and the political leadership of the Ministry of Environment and Energy to host the 6th Summit of the “Partnership for Transatlantic Energy Cooperation” in Athens, serves the overall strategic goal of promoting the country as a key energy hub in the wider region, with American LNG as its main “exportable product.”
The plan is not new, according to market sources, however it now acquires a different “quality” in the wake of the recent EU decision to completely cut off Russian gas, including the “Turkey” parameter and the TurkStream pipeline, the only remaining Russian gas route to the European market.
Agreements
As “N” has reported, 5-6 agreements for both the purchase and sale of LNG are expected to be signed during the conference, with Greek energy companies declaring their “presence” in continuation of the moves they have made (DEPA Commercial) to secure natural gas trading activity in neighboring Balkan countries, as well as agreements in the data center and shipyard sectors.
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