Venture Global and Greek company Atlantic SEE LNG Trade announced the extension of their liquefied natural gas (LNG) purchase and sale agreement, whereby the European company will double the contracted volumes of U.S. supply over a 20-year period starting in 2030.
The new agreement increases the minimum volumes acquired by Atlantic SEE from 0.5 million tons per annum (MTPA) to 1.0 MTPA. The transaction reinforces the energy diversification strategy of Central and Eastern Europe and consolidates Greece’s role as an entry point for LNG from the United States.
Greece Strengthens Its Role in the Vertical Corridor
Atlantic SEE LNG Trade is a joint venture created by AKTOR Group and DEPA Commercial, with stakes of 60% and 40%, respectively. Its objective is to import LNG to Greece and subsequently distribute it to Eastern and Southeastern European markets.
The extension of the agreement comes after Venture Global announced its participation in the Alexandroupolis floating storage and regasification unit (FSRU), where it holds capacity equivalent to approximately 25% of the facility’s total.
The Alexandroupolis terminal is considered strategic infrastructure within the so-called Vertical Corridor, an energy network designed to facilitate gas transportation from the south to Central and Eastern European countries.
More U.S. Supply for Energy Security
The companies indicated that the increase in contracted volumes will contribute to improving energy supply security in a region seeking to reduce risks associated with dependence on traditional suppliers.
Mike Sabel, Chief Executive Officer of Venture Global, stated that the expansion of the alliance reflects both companies’ commitment to energy diversification, economic growth, and strengthening transatlantic cooperation.
For his part, Alexandros Exarchou, Chief Executive Officer of Atlantic SEE LNG Trade, emphasized that the agreement supports the company’s long-term strategy and the Vertical Corridor’s potential to provide energy supply alternatives to Central and Eastern Europe.
A European Market with Growing LNG Demand
The agreement also reinforces Venture Global’s position as one of the leading LNG exporters from the United States. The company currently operates production facilities in Louisiana and is developing a portfolio exceeding 100 million tons per annum of capacity across operational, under-construction, and development projects.
According to Atlantic SEE, doubling the contracted volumes will enable the construction of a more stable and predictable supply base for regional markets, while strengthening energy cooperation between the United States, Greece, and the rest of Europe.
The transaction is part of growing European demand for LNG as a tool to diversify supply sources and strengthen the continent’s long-term energy resilience.
Source and Photo: https://ventureglobal.com/
