Venture Global, a U.S. producer of liquefied natural gas (LNG) sourced from North American basins, has executed an LNG sales and purchase agreement (SPA) with Atlantic-See LNG, a newly formed joint venture between Greek companies AKTOR and DEPA.
Under the deal, the Greek player will purchase a minimum of 0.5 million tonnes per annum (mtpa) of U.S. LNG from Venture Global for 20 years starting in 2030. The buyer also has the option to increase this amount.
The deal is said to launch a dynamic and growing partnership between the two players. According to Venture Global, it marks Greece’s first-ever long-term LNG supply agreement with a U.S. exporter.
“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.”
This follows Venture Global’s previously announced investment in 1 mtpa of regasification capacity at the Alexandroupolis LNG import terminal in Greece for five years. The volume is said to account for approximately 25% of the terminal’s total capacity.
The deal also comes on the heels of the announcement that offshore exploration could return to Greece after more than 40 years, with ExxonMobil acquiring a stake in the Block 2 concession in the Ionian Sea.