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20-year sales and purchase agreement begins partnership with newly formed Greek entity to bolster Central and Eastern European energy security
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Deal builds on Venture Global’s regasification capacity investment in the Alexandroupolis LNG import terminal to supply U.S. LNG to the region
Venture Global, Inc. and ATLANTIC – SEE LNG TRADE S.A. of Greece announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of a minimum of 0.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. Under the SPA, Atlantic-See has the potential to expand its purchase commitment.
Atlantic-See LNG is a newly formed joint venture announced this week at the 6th Partnership for Transatlantic Energy Cooperation (PTEC) conference hosted in Athens, Greece between Greek companies AKTOR and DEPA. This deal marks Greece’s first ever long-term LNG supply agreement with a U.S. exporter, launching a dynamic and growing partnership between Atlantic-See LNG and Venture Global.
The announcement of this supply agreement follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which currently accounts for approximately 25% of the terminal’s total capacity. The Alexandroupolis LNG FSRU receiving terminal and South-North ‘Vertical Corridor’ will be essential to enhancing Central and Eastern European energy security by providing a new route to bring affordable and reliable U.S. natural gas into the region.
“Venture Global is thrilled to expand our energy partnership with Greece and bring additional LNG supply to this critical region, building on our previous investment in the vertical corridor through the Alexandroupolis terminal,” said Venture Global CEO Mike Sabel. “As a major point of entry for U.S. LNG into Central and Eastern Europe, this strategically important infrastructure and SPA agreement are key to strengthening the region’s ability to diversify their energy mix and access a secure and reliable source of supply. We are excited to grow our partnership with key regional players such as the newly formed Atlantic-See LNG, and we are grateful for the strong leadership of President Trump, Secretary Burgum, Secretary Wright, Ambassador Guilfoyle and other officials on both sides of the Atlantic who are encouraging further trade of American LNG.”
Source: cyprusshippingnews.com
