Atlantic SEE LNG Trade, the joint venture between AKTOR and DEPA Commercial, is stepping up efforts to convert a number of memorandums of understanding and ongoing negotiations into binding agreements by the end of 2026, as it seeks to expand sales of U.S. liquefied natural gas (LNG) to Central and Eastern Europe through Greek energy infrastructure and the Vertical Gas Corridor.
The company has already signed preliminary agreements with Romania, Ukraine and Bulgaria and is in discussions with Moldova. Hungary has also emerged as a potential market, while Slovakia remains a more challenging prospect due to limitations in the existing pipeline network. However, political uncertainty across the wider region continues to complicate momentum behind the Vertical Corridor initiative.
The prospect of converting the memorandum of understanding with Ukraine into a long-term supply agreement has also raised the possibility of involvement by the U.S. International Development Finance Corporation (DFC) as a risk-mitigation mechanism to address concerns related to guarantees or contractual compliance by Kyiv.
Speaking on Wednesday, Atlantic SEE Chief Executive and AKTOR Group head Alexandros Exarchou said DFC participation could also be considered if infrastructure upgrades are required in target markets. He stressed, however, that Atlantic SEE currently does not require additional capital to complete its planned agreements.
While awaiting developments in Central and Eastern Europe, Atlantic SEE has expanded into the Western Balkans, recently finalising commercial agreements with Albania and Bosnia and Herzegovina.
The 20-year agreements, which are scheduled to begin in 2030, cover combined volumes of 1.5 billion cubic metres (bcm) annually and are valued at more than 9 billion euros over their duration.
The agreements provided the basis for Atlantic SEE to double the LNG volumes it has secured from the United States, increasing contracted supplies from 500,000 tonnes to 1 million tonnes per year.
At a press conference on Wednesday, Exarchou and Konstantinos Xifaras, the joint venture’s chairman, said Atlantic SEE is seeking to minimise commercial risk through a back-to-back contracting structure, reflecting the take-or-pay obligations that typically accompany long-term LNG supply agreements.
Under this approach, the company’s commitments to U.S. LNG exporter Venture Global are intended to be matched by corresponding commitments from end buyers. Market sources said an additional safeguard lies in the ability to redirect cargoes to alternative markets if required.
Vertical Corridor auction
Atlantic SEE’s activity is closely linked to developments over the Vertical Gas Corridor. Greek gas transmission operator DESFA is scheduled to hold its first annual capacity auction on July 6 under the new framework for northbound natural gas transportation.
Bulgaria’s state-owned Bulgargaz is expected to participate in the auction and is understood to be seeking capacity equivalent to around 25% of the approximately 100 terawatt-hours (TWh) of annual capacity on offer. DEPA Commercial is also preparing to take part, in coordination with Atlantic SEE.
The company’s agreement with Albania is also of particular interest to Greece, given that DEPA holds reserved capacity on the Trans Adriatic Pipeline (TAP), which could allow it to transport gas volumes to the neighbouring country via Greece’s LNG regasification infrastructure and the connection between the national gas grid and TAP at Nea Mesimvria.
The possibility of constructing a new interconnector pipeline remains under consideration as efforts continue to strengthen regional gas connectivity.
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