A joint venture between Greece's state-controlled gas supplier and one of the country's largest infrastructure groups has secured €130 million in bank guarantees, marking a significant step forward in plans to expand liquefied natural gas (LNG) trading across Southeast Europe.
Atlantic SEE LNG Trade, a company owned by Greece's AKTOR Group and state-backed gas supplier DEPA Commercial, has obtained the financing support from the country's four systemic banks to underpin its commercial operations and long-term LNG procurement commitments, according to people familiar with the matter.
The development signals that the venture is moving from planning into execution as regional demand for diversified gas supplies remains a strategic priority following Europe's efforts to reduce dependence on Russian energy imports.
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At the center of Atlantic SEE LNG Trade's business strategy is a 20-year supply agreement with U.S. LNG exporter Venture Global. The contract provides for the delivery of at least 500,000 metric tons of LNG annually, with provisions allowing volumes to increase to as much as 1.5 million tons per year.
People with knowledge of the financing structure said the €130 million guarantee will be shared proportionally between the venture's two shareholders. Under that arrangement, DEPA Commercial, which holds a 40 percent stake, assumes exposure of approximately €52 million, while AKTOR, the majority shareholder with a 60 percent stake, is responsible for roughly €78 million.
The size of the commitment is notable for DEPA Commercial. Based on the company's latest financial statements, the guarantee represents around 10.5 percent of its equity base, which stood at €496.6 million at the end of 2024.
The obligation also adds to an already substantial portfolio of guarantees. DEPA Commercial reported outstanding guarantees totaling €435.4 million at the end of last year. With the addition of its participation in the Atlantic SEE LNG Trade facility, the company's total guarantee exposure rises to nearly €487 million — a figure approaching the level of its shareholder equity.
The financing structure nevertheless appears relatively conservative by international LNG standards. Market participants note that major LNG transactions often require lenders to seek additional protections beyond the proportional commitments of shareholders. Such arrangements can include joint and several liability among investors, corporate guarantees from parent companies, enhanced support from the financially stronger shareholder, or security interests tied directly to LNG supply contracts.
In the case of Atlantic SEE LNG Trade, however, DEPA Commercial's financial exposure remains limited to its 40 percent ownership stake, according to people familiar with the arrangements. No additional obligations beyond its pro-rata participation in the guarantee facility have emerged.
