Greece to Supply Ukraine With US Natural Gas From December
(Bloomberg) -- Ukraine said it’s reached an agreement with Greece that will help secure the supply of natural gas for the coming winter heating season.
Following a meeting between Ukrainian President Volodymyr Zelenskiy and Greek Prime Minister Kyriakos Mitsotakis in Athens on Sunday, the two sides announced that Greece’s Depa Commercial SA would supply Ukraine’s Naftogaz with US natural gas from December through March.
“Ukraine gets direct access to diversified and reliable energy sources, while Greece now becomes a hub for supplying central and eastern Europe with American liquefied natural gas,” Mitsotakis said.
The deal comes as Ukraine races to secure energy for winter after Russian airstrikes in the past month wiped out more than half of its domestic natural gas production. Kremlin forces continue regular attacks on Ukraine’s power infrastructure, causing widespread outages to gas, heating and electricity generation.
Under the framework of the prospective agreement between DEPA and Naftogaz, LNG originating from the US is expected to be transported through “Route 1,” offered jointly by the gas transmission system operators of Greece, Bulgaria, Romania, Moldova, and Ukraine, the companies said.
The agreement comes as Greece seeks to become a gas-transportation hub for the region and Europe works toward a complete ban on Russian supplies. Earlier this month, Atlantic See — a subsidiary of Depa and Aktor — signed a deal with Venture Global for the purchase of at least 0.5 million tonnes per year of US liquefied natural gas for 20 years, starting in 2030.
Deliveries of American LNG have already increased, and the southern European country wants to have a key role in importing and exporting LNG via the so-called Vertical Corridor — a project to expand transit capacity for LNG flowing into Greece and moving northward to countries including Romania and Hungary as well as Ukraine.
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