Gas Deal Between Greece's DEPA and Ukraine's Naftogaz Faces Major Implementation Hurdles
The natural gas supply arrangement between Greece's DEPA Commercial and Ukraine's Naftogaz-signed on Sunday during President Volodymyr Zelensky's visit to Athens at the invitation of Prime Minister Kyriakos Mitsotakis-is far more complex in practice than the political symbolism suggests. This is why the document is framed as a "Declaration of Intent" rather than a binding agreement. Turning this declaration into a functioning supply route for the Ukrainian market requires a sequence of operational, technical, and commercial steps that remain insufficiently prepared. The broader landscape complicates matters: Atlantic-See LNG Trade platform - the newly established DEPA Commercial-AKTOR joint venture -, long-term contractual commitments with the U.S. supplier Venture Global, the need to secure an LNG carrier fleet, and the not-yet-fully-developed "Vertical Corridor" that links the LNG infrastructure of Greece, Bulgaria, Romania...
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