Greek joint venture doubles US LNG purchase agreement with Venture Global

The revised agreement will increase contracted US LNG volumes from a minimum of 0.5M tonnes per annum (MTPA) to 1 MTPA over a 20-year period, starting in 2030. This is equivalent to approximately 1.3Bm m³.

Atlantic-SEE LNG Trade, formally announced last November at the 6th Partnership for Transatlantic Energy Cooperation (PTEC) conference in Athens, is the result of cooperation between Greek companies AKTOR Group and DEPA Commercial.

The agreement follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal, where it holds approximately 25% of total capacity.

Venture Global said that the Alexandroupolis LNG floating storage and regasification unit (FSRU) and the South-North “Vertical Corridor” will be key to enhancing Central and Eastern European energy security by providing a new route for US natural gas into the region.

Atlantic-SEE LNG Trade has also signed memorandums of understanding to supply US LNG to Bulgaria, Ukraine, Albania, and Bosnia and Herzegovina.

“This agreement further advances the strategic energy relationship between the United States and Europe,” said Venture Global chief executive Mike Sabel.

Atlantic-SEE LNG Trade chief executive Alexandros Exarchou noted that geopolitics has created a “historic opportunity to operate as an energy hub between continents,” with the ambition of building on this momentum to provide customers with “long-term energy security.”

“By doubling the volumes secured under this agreement, we are creating a stronger foundation for reliable and predictable LNG supplies across the region, while translating strategic planning into concrete commercial outcomes,” said Atlantic-SEE LNG Trade chairman Konstantinos Xifaras.

Speaking to Bloomberg this week, Mr Exarchou said it is becoming more difficult to secure long-term LNG deals with US suppliers following the crisis in the Middle East. He added that uncertainty over price developments is leading some US suppliers to offer incentives to reduce the size of existing contracts.