Greece is steadily reinforcing its position as an energy hub for Southeast Europe and the Balkans, with Greek companies expanding exports of petroleum products, electricity, and natural gas. Leveraging its strategic geography, newly developed energy infrastructure, and regional geopolitical developments, major energy groups—and network operators alike—are deepening their presence across Balkan markets, transforming Greece into a primary energy supplier for neighboring countries.
Strong Fuel Exports from Hellenic Energy and Motor Oil
Greek refineries continue to maintain a strong export orientation. According to data presented at its annual general meeting, Hellenic Energy exported an average of 8 million tonnes of fuels annually over the past three years. Exports to Southeast European countries alone exceed 2 million tonnes per year—key markets include North Macedonia, Cyprus, Bulgaria, Montenegro, and Serbia. A pivotal factor has been the reactivation of the Thessaloniki–Skopje pipeline (VARDAX), which transports diesel not only to North Macedonia but also to other regional markets.
Likewise, Motor Oil exported a total of 8.8 million metric tonnes of fuels in 2025, while domestic sales in Greece amounted to approximately 4 million tonnes. As reported in the group’s annual financial report, over 74% of its total sales volume came from international markets and maritime bunkering, with operations spanning more than 65 countries. The company holds a strong footprint in Cyprus, Serbia, North Macedonia, Montenegro, Albania, and Croatia.
Electricity Exports on the Rise
A significant shift is also evident in the electricity market. Once reliant on imports—covering around 18% of its needs in 2019—Greece has become a net exporter of electricity. Net electricity exports reached 3 TWh in 2025, placing Greece fifth among Europe’s largest net electricity exporters. This transformation is reflected in the country’s trade balance: whereas Greece spent roughly €300 million annually on electricity imports between 2014 and 2019, it recorded a trade surplus of €262 million in 2025. In the first quarter of 2026 alone, that surplus already stood at €341 million—surpassing the full-year figure of the previous year.
Natural Gas Exports Triple
Natural gas exports via Greece’s transmission system are also surging. In 2025, they reached 8.6 TWh—nearly triple the volume recorded in 2024. During the first half of 2026, exports had already climbed to 8.72 TWh, up from just 2.86 TWh in the same period last year.
The Vertical Corridor Boosts Greece’s Role
A major boost came in March with the agreement on the Vertical Corridor—a key cross-border energy initiative signed by transmission system operators across the region. This project further strengthens Greece’s strategic role as a conduit for energy flows into Southeastern Europe.