Venture Global doubles Greek LNG supply deal

In November last year, Atlantic–See LNG Trade agreed to purchase a minimum of 0.5 million tonnes per annum (mtpa) of US LNG from Venture Global for twenty years starting in 2030.

This deal marks Greece’s first-ever long-term LNG supply agreement with a US exporter.

Venture Global said at the time that Atlantic-See has the potential to expand its purchase commitment.

The partners announced the expansion of their existing SPA in a statement on Thursday.

Under the amended deal, Atlantic-SEE is doubling its existing contract with Venture Global from a minimum of 0.5 mtpa to 1 mtpa.

The announcement of this expanded supply agreement follows Venture Global’s previously announced investment in regasification capacity at the Gastrade-operated Alexandroupolis FSRU-based LNG import terminal in Greece, which currently accounts for approximately 25 percent of the terminal’s total capacity.

Vertical gas corridor

“Venture Global is honored to announce this expanded partnership which reinforces our shared commitment to energy security, supply diversification, and economic growth, while advancing the strategic energy relationship between the United States and Europe,” said Venture Global CEO Mike Sabel.

“The vertical corridor has emerged as a vital energy hub for the region, and our continued investment in infrastructure such as the Alexandroupolis terminal is helping create new pathways for secure, reliable energy supply across Central and Eastern Europe,” he said.

Alexandros Exarchou, CEO of Atlantic SEE LNG Trade, said the expansion of the company’s commercial agreement with Venture Global “reflects the ambition and solid ground of our long-term strategic plan on LNG and the potential of the vertical corridor, which can provide alternatives and energy security across Central and Eastern Europe.”

Earlier this year, Atlantic SEE LNG Trade signed agreements to deliver US LNG to Albania, Bulgaria, Bosnia and Herzegovina, and Ukraine.

Atlantic–See LNG Trade, in which Aktor holds a 60 percent stake and Depa Commercial 40 percent, secured four new commercial agreements for the purchase and sale of American LNG in four countries of the wider region, with durations of up to 20 years.

These agreements involve gas supply via the so-called vertical gas corridor.