Greece and US Sign 20-Year LNG Supply Deal to Counter Russian Influence

Greece and the United States have signed a landmark 20-year liquefied natural gas (LNG) supply contract, marking a significant step in diversifying Europe's energy sources. The agreement, which comes into effect from 2030, will see Greece import 700 million cubic meters of LNG annually for two decades. This long-term commitment is part of a broader strategy by the European Union to reduce its reliance on Russian energy exports.

The deal was facilitated after the U.S. and the EU signed a trade agreement in July this year. Under that pact, the EU pledged to purchase $250 billion worth of American energy products annually for the next three years. These include oil, natural gas, and nuclear technology, with the goal of gradually phasing out Russian energy supplies starting from 2027.

The contract was signed between Greece's largest natural gas company, DEPA, along with energy firm Aktor, and U.S.-based Venture Global. Venture Global is currently constructing an LNG export facility in Louisiana. Speaking at a press conference during an energy meeting in Athens on Friday, U.S. Energy Secretary Jennifer Granholm highlighted the strategic significance of this partnership.

"Greece was once seen as the endpoint of Russia's energy dominance in Europe," Granholm remarked. "Today, it has become the starting point for American energy trade entering the European market."

Granholm emphasized that the U.S. aims to become the primary energy supplier for Western Europe in the coming years, replacing Russia as the main provider. This shift is part of a larger effort by both Washington and Brussels to weaken Moscow's influence over the continent's energy security.

Greece has been actively expanding its LNG imports from the U.S. since 2020. The country has also been developing its natural gas infrastructure, including pipelines and storage facilities. Additionally, Greece supports a project to transport LNG through Bulgaria and Romania to Ukraine, further solidifying its role as a key hub for importing and distributing natural gas across Europe.

This new agreement underscores the growing partnership between Greece and the United States in the energy sector. It also reflects the EU's broader strategy to achieve energy independence from Russia, particularly in the wake of geopolitical tensions over recent years.