Ukraine’s state-owned energy giant Naftogaz has signed a memorandum of cooperation with Greek company ATLANTIC-SEE LNG Trade S.A. to develop liquefied natural gas (LNG) supplies from the US to Europe and Ukraine.
The deal makes ATLANTIC-SEE the second company from which Naftogaz will purchase LNG after Poland’s ORLEN, as Ukraine enters the heating season under Russia’s ongoing strikes on its energy grid.
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“We are laying the foundations for a new era in transatlantic cooperation with our partners. This is another step toward long-term energy stability for Ukraine and new opportunities,” the press release quoted Naftogaz CEO Sergii Koretskyi.
Naftogaz announced the deal on Oct. 7.
The signing took place in the presence and with the full support of Ukraine’s Energy Minister Svitlana Grynchuk, Greece’s Minister of Environment and Energy Stavros Papastavrou, US Secretary of Energy Chris Wright, US Secretary of the Interior Doug Burgum, US Ambassador to Greece Kimberly Guilfoyle, and US Chargé d’Affaires to Ukraine Julie S. Davis.
Previously, Greece’s Depa Commercial (40%) and AKTOR Group (60%) launched the joint venture ATLANTIC-SEE LNG Trade S.A. to purchase and import LNG to Greece for resale abroad, including to Ukraine, ExPro reported.
Earlier this year, Naftogaz signed four LNG contracts with Poland’s ORLEN, totaling 440 million cubic meters (mcm), including an additional 140 mcm purchased in July.
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Ukraine imported 2.3 billion cubic meters of natural gas in the first half of 2025, up from 0.12 billion in the same period in 2024, according to DixiGroup citing Energy Map data. The cost of imports rose to Hr. 49.1 billion ($1.2 billion), compared to Hr. 1.53 billion ($36.4 million) a year earlier.
Naftogaz has been securing financing from Ukrainian banks and international partners to cover import needs before winter. In August, Norway pledged nearly $100 million as part of a €270 million ($307 million) loan from the European Bank for Reconstruction and Development (EBRD).
The EBRD is preparing another €500 million ($585 million) package to fund urgent gas imports, its Vice President Matteo Patrone told Kyiv Post in an exclusive interview.