The entry point for American Liquid Natural gas is today Greece and probably also for domestic energy resources to Europe, emphasized the Minister of Energy USA Chris Wright, in his speech today, the second day of the work of the intergovernmental transatlantic cooperation on energy (P-Tec) which is being held in Athens.
In particular, US Energy Secretary Chris Wright stated that he is optimistic about this prospect, referring to the example of Israel, whose economy was transformed after the discoveries of natural gas deposits in previous years.
Mr Wright criticized the EU’s energy policy which emphasized renewables resulting in what he said was deindustrialisation, economic stagnation and high energy prices. However, he applauded the EU’s stance following Russia’s invasion of Ukraine leading to a gradual ban on energy imports from Russia. The US is 100% your ally in getting rid of dependence on Russia, the US Secretary of Energy said. “The AI revolution needs energy to lead to a big increase in productivity and opportunity,” said the US Energy Secretary.
Papastavrou: We are building a long-term alliance
The Minister of Environment and Energy Stavros Papastavrou spoke of common goals from both sides of the Atlantic: to eliminate Russian natural gas and for Greece to be the natural entry point for Liquefied Natural Gas. “We are building a long-term alliance that will bring peace and prosperity to our region,” the minister said.
The Deputy Minister of Environment and Energy, Nikos Tsafos, listed 3 conditions in order to implement the abolition of Russian natural gas, which – as he said – represents an important opportunity for Greece. First, infrastructures in which Greece has made significant investments (LNG stations, Greek-Bulgarian pipeline, compression stations, etc.). Second, to have a commercially competitive product for gas transport services to the north. And third, to strictly enforce the ban on Russian natural gas. “Greece did the right thing for the first, we are working on the second and if we have a real ban on Russian gas we will be able to replace it with Liquefied Gas,” said Mr. Tsafos.
Mr Tsafos said he was optimistic about the path of energy prices in the coming years as more liquefied gas from the US and other countries will enter the European market, replacing Russian gas, whose flows have fallen since the invasion. “We have not yet recovered from the shock of 2022, but we are on the last pages of the energy crisis. Progress will be evident every year, as the supply of gas increases, prices fall and European competitiveness improves”, Mr. Tsafos concluded.