Croatia and Greece are building different LNG gateways, but they are competing for the same regional premium: the value of flexible non-Russian gas entering south-east and central Europe. Croatia’s Krk LNG route is naturally positioned toward Hungary, Slovenia and Bosnia and Herzegovina. Greece’s Revythousa and Alexandroupolis route is positioned toward Bulgaria, Serbia, North Macedonia, Albania, Romania and potentially Hungary through the Vertical Corridor. The commercial rivalry is not direct in every market, but it will increasingly shape regional gas pricing.
Croatia has moved quickly to strengthen its physical case. LNG terminal capacity has expanded from 2.9 bcm/year to 6.1 bcm/year, while pipeline capacity toward Hungary is set to rise to 3.5 bcm/year and toward Slovenia to 1.5 bcm/year. These are meaningful numbers in a regional market where many countries have limited annual demand and where marginal supply can influence hub spreads.
Greece has a different advantage. It combines LNG terminals with a broader south-north corridor narrative and long-term US LNG contracts. The expanded Atlantic SEE LNG Trade–Venture Global structure gives Greek infrastructure a committed supply base from 2030, while AKTOR’s agreement with ALBGAZ extends the same logic into Albania.
For traders, the comparison will be based on delivered cost. A cargo through Krk may be more competitive into Hungary or Slovenia. A cargo through Alexandroupolis may be more relevant for Bulgaria, Serbia or Albania-linked flows. The price difference will depend on shipping, regasification fees, transmission tariffs, interconnector availability, balancing costs and political reliability.
This rivalry should benefit buyers. More LNG entry points reduce single-route dependence and create stronger negotiating leverage. Yet it also creates more complex trading books. A regional trader will need to price Greek and Croatian LNG against Romanian gas, Azerbaijani pipeline supply and Hungarian hub exposure.
The premium will belong to the route that can offer flexibility, not just capacity. LNG terminals are only the first asset. The real value is created when cargo access becomes a tradable regional position.
