Greece is strengthening its position as a gateway for American natural gas into Europe, as new supply agreements and expanding U.S. export capacity intensify competition with Turkey over the region’s energy routes.
Greek energy and metals group Metlen has signed a five-year agreement with Shell Global LNG Limited to purchase 3 billion cubic meters of natural gas through 2031. Starting in 2027, Shell will deliver six liquefied natural gas cargoes annually, equivalent to approximately 600 million cubic meters, primarily sourced from its U.S. portfolio.
The gas will supply Greece and other European markets through the Vertical Gas Corridor, a network of infrastructure designed to transport gas northward from Greece into southeastern and central Europe, reducing the region’s dependence on Russian supplies.
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The agreement comes as U.S. exporter Venture Global, a partner in Greece-based Atlantic-SEE LNG Trade, announced the start of commercial operations at the first phase of its Plaquemines LNG facility in Louisiana. Located near New Orleans, the project reached commercial operations 53 months after its final investment decision. Shell received the first cargo under a long-term purchase agreement. Once fully developed, Plaquemines is expected to exceed 28 million metric tons in annual export capacity. But competition over where American LNG enters Europe is sharpening.
Alexandros Exarchou, head of Greek construction group AKTOR and Atlantic-SEE LNG Trade, warned that certain U.S. commercial interests favor routing LNG through Turkey rather than Greece, potentially undermining the Vertical Gas Corridor. He didn't identify companies.
Turkey has secured major LNG supply agreements with American exporters, including Venture Global rival Cheniere Energy and ExxonMobil, alongside Swiss commodities trader Mercuria. Exarchou also raised concerns that U.S. LNG entering Turkey could be mixed with Russian gas before reaching European markets, potentially complicating efforts to enforce restrictions on Russian energy imports. He provided no public evidence supporting that allegation.
