Algeria’s Sonatrach inks LNG supply deal with Greece’s DEPA

Algerian state energy firm Sonatrach said it has signed a liquefied natural gas (LNG) supply deal with Greece’s DEPA.

According to a Sonatrach statement, the two firms agreed to extend the long-term contract for the sale and purchase of LNG on the Greek market, starting from January 1, 2022.

In addition to the delivery of LNG cargoes to DEPA, the agreement also provides an adaptation of the existing contractual terms in line with current and future developments of the energy markets, Sonatrach said.

“Through this agreement, the two parties confirm and consolidate their long lasting
partnership for the supply of natural gas to the Greek market in an economic
environment marked by rising prices and the increasing numbers of operators,” it said.

Sonatrach did not reveal any additional information regarding the contract.

DEPA receives LNG from the Sonatrach-operated Skikda LNG export plant at the Revithoussa LNG import terminal, owned by DESFA, in Greece.

GIIGNL’s data shows that DEPA started receiving about 0.72 mtpa of LNG under the long-term contract back in 2000. The data shows that DEPA received 0.34 mtpa last year under the contract that ended on January 1 this year.

LNG deliveries to Greece dropped by almost 31 percent in 2021 due to lower volumes from the US and Qatar.

US was the largest LNG supplier to Greece last year, followed by Algeria and Qatar.

Greece currently imports LNG only via the Revithoussa facility but this will change as Gastrade recently took a final investment decision on its FSRU-based LNG import project in Alexandroupolis. DEPA is also a shareholder in this project.

Besides this project, Dioriga Gas, a unit of Motor Oil, is planning another FSRU-based import project in Greece’s Gulf of Corinth.

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