Greece: Energy Hub in SE Europe & Eastern Mediterranean

Greece is emerging as an energy hub in Southeastern Europe and the Eastern Mediterranean, with five significant energy projects underway.

According to statements by the Minister of Environment and Energy, Stavros Papastavrou, agreements with the USA are giving new momentum to plans to establish the country as an energy supply gateway for the region. Mr. Papastavrou stressed the need to implement all agreements consistently and quickly.

The five business plans that are changing the energy map are:

• The "vertical" natural gas supply corridor.
• The long-term LNG import agreement from the USA.
• The Greece-Egypt electricity interconnection.
• The proposal to supply Cyprus with natural gas from Israel.
• The drilling in the Ionian Sea for natural gas.

Specifically, within the framework of P-TEC, the Natural Gas Transmission System Operators of Greece, Bulgaria, Romania, Moldova and Ukraine signed a request for the start of two new cross-border products, Route 2 and Route 3.

ATLANTIC - SEE LNG TRADE signed an agreement with Venture Global for the supply of LNG from the USA, as well as memoranda of understanding with the Ukrainian Naftogaz and the Romanian NOVA POWER & GAS S and Transgaz.

The electricity interconnection with Egypt, with a capacity of 3000 megawatts, is being developed by Elica Interconnector, while Energean proposes supplying Cyprus with natural gas from Israeli deposits.

Finally, ExxonMobil has joined the consortium for drilling in the Ionian Sea, west of Corfu.