The flow of U.S. investment to Greece is taking on a new urgency as the Trump administration looks to shore up economic and defense cooperation with a key NATO ally.
On Tuesday, President Donald Trump met with Greek Prime Minister Alexis Tsipras to discuss these issues. Foreign Minister Nikos Kotzias, Defense Minister Panos Kammenos, Minister for Economy and Development Dimitri Papadimitriou and Minister for Digital Policy Nikos Pappas accompanied the Greek prime minister.
According to diplomatic sources, the leaders are focusing on investments and collaboration in the field of energy. "Greece's contingent oil reserves are estimated at 950 million barrels," said Costis Stambolis, executive director of the Institute for Energy for South East Europe (IENE). "To date, however, 50 million of proven reserves have been discovered." Major energy companies are lining up to tap the country's hydrocarbon potential in the waters surrounding southern Crete and the Grevena region in northern Greece, close to the route of the Trans Adriatic Pipeline.
At the same time, "Greece is a potential customer for U.S. LNG exports. Greece has plans to increase LNG imports next year," Stambolis says. "It expanded its port facilities near Pireaus, and it's planning to build a floating storage terminal for LNG in Alexandroupoli, northern Greece."