Greek-led Vertical Corridor to channel costly US LNG into Southeast Europe
Greece is advancing the Vertical Corridor project to import US LNG through Revithoussa and Alexandroupoli, aiming to reduce EU reliance on Russian gas.
Atlantic SEE LNG Trade, formed by AKTOR and DEPA Trading, is driving the Vertical Corridor that will move US liquefied natural gas through Greece’s Revithoussa terminal and the Alexandroupoli FSRU. A 20-year purchase agreement with Venture Global covers deliveries from 2030 to 2050, and the consortium has locked in sales to Albania and Bosnia-Herzegovina, with talks underway for Bulgaria, Romania and Ukraine. The scheme is intended to fill the gap left by the EU ban on Russian pipeline gas and to cut Moscow’s financing of the war in Ukraine.
Although US LNG carries higher costs and faces competition from Turkey’s TurkStream pipeline, the consortium argues that early-secured pricing offers a competitive edge. Infrastructure owners such as DESFA and Gastrade hold stakes in the terminals, and the US Development Finance Corporation is exploring guarantee options, though no funding commitment has been made yet.
Why it matters
The project could reshape Europe’s gas supply, lessening dependence on Russia and boosting Greece’s role as a regional energy hub.
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