Since 2019, Greece has invested in diversifying its energy sources, something that is now the cornerstone of its response to the crisis, Environment and Energy Minister Stavros Papastavrou said on Wednesday, addressing the 9th Shipping Finance Conference.
“There is no doubt that the current crisis underlines the need for diversification, and Prime Minister Kyriakos Mitsotakis, since taking office in 2019, has focused on this,” he stressed. “Greece invested significantly in the natural gas sector before the Ukrainian crisis, with Revithoussa, the floating LNG terminal, the Greece-Bulgaria interconnector, the Trans Adriatic Pipeline (TAP), and the compressors in Komotini and Ampelia, so that we would become much more than a final destination for natural gas. Up until 2019, we imported 6-7 billion cubic meters, which were consumed domestically. In 2024, we imported 17 billion cubic meters, of which 11 were re-exported. At the same time, we are investing heavily in cross-border electricity interconnections and renewable energy sources. We now have a mix that allows for diversification,” he added.
He also reiterated that discussions will begin in Parliament this week on hydrocarbon exploration in areas south of Crete and the Peloponnese, in cooperation with the Chevron-Helleniq Energy consortium, with the aim of also making Greece a natural gas producer.
Referring to the natural gas Vertical Corridor, he underlined its strategic value for the country. “ First, the United States and the EU fully agree on banning Russian natural gas. This year, Russian gas is still entering the region, which remains dependent on it. But for Greece, there is a broader picture. The corridor creates connectivity in a region of 100 million people. Doug Burgum, U.S. Secretary of the Interior and Chairman of the National Energy Dominance Council, stated during a think-tank discussion in Washington that the Vertical Corridor is the best security guarantee for the region,” Papastavrou said.
He concluded by noting that Greek shipowners have proven their resilience and are present when opportunities arise. They are already supporting the transport of U.S. liquefied natural gas to Europe, and he expressed confidence that they will successfully carry out this task.
