Venture Global has announced an expansion into the European market with a long-term agreement with GASTRADE to supply LNG to central and eastern Europe from its terminals in Louisiana, US.
The LNG company has secured roughly 1mtpa of regasification capacity at the new Alexandroupolis LNG receiving terminal in Greece, starting in 2025.
The agreement represents around 25% of the Alexandroupolis terminal's total capacity, translating to roughly 12 cargoes annually.
Venture Global’s move is aimed at bolstering central and eastern European energy security, providing an alternative gas supply route to the region.
The Alexandroupolis LNG floating storage regasification unit receiving terminal, coupled with the South-North 'Vertical Corridor', is expected to play a critical role in this energy diversification.
European co-funding and support from the US Government's Development Finance Corporation have supported energy infrastructure projects in Greece.
Venture Global CEO Mike Sabel said: “Venture Global is thrilled to expand our European regasification capacity at Greece's new Alexandroupolis LNG terminal. This move further integrates our business by growing our assets across the LNG supply chain including LNG production, shipping and regasification.
“As a major point of entry for LNG into central and eastern Europe, this strategically important infrastructure will be a game changer for the region's ability to diversify their energy and access a secure and reliable energy supply. Venture Global is proud to support these efforts as a strategic partner with volumes from both Plaquemines LNG and the future CP2 LNG.”
Venture Global's operational footprint includes the Calcasieu Pass facility, which started producing LNG in January 2022, and the Plaquemines LNG facility, currently under construction, with first LNG production expected in 2024.
The company is developing more than 74mtpa of production capacity to meet global energy demands.
Earlier this year, Venture Global signed a head of agreement with DTEK's commercial arm, D. TRADING, to supply LNG to Ukraine and other eastern European countries.
This deal, set to commence later this year, will extend beyond 2026 and involve LNG cargoes from Venture Global’s 20mtpa Plaquemines LNG facility.
