US LNG exporter Venture Global and Greek energy venture Atlantic-SEE have announced an expansion of their long-term supply agreement for 20 years starting in 2030.
Under the newly expanded sales and purchase agreement (SPA), Atlantic-SEE will double its existing contract with Venture Global.
The deal increases the minimum intake from 0.5 million tonnes per annum (MTPA) to 1 MTPA, with deliveries scheduled to commence in 2030.
Atlantic-SEE LNG is a newly formed joint venture between prominent Greek entities AKTOR Group and DEPA Commercial.
The expanded agreement builds heavily on Venture Global’s existing infrastructure footprint in the Mediterranean, which includes securing approximately 25 per cent of the regasification capacity at Greece’s Alexandroupolis LNG import terminal.
The Alexandroupolis Floating Storage and Regasification Unit (FSRU), combined with the developing South-North Vertical Corridor pipeline network, is viewed as a critical alternative pathway to funnel affordable and reliable US natural gas into a European region historically vulnerable to supply disruptions.
“Venture Global is honoured to announce this expanded partnership, which reinforces our shared commitment to energy security, supply diversification, and economic growth, while advancing the strategic energy relationship between the United States and Europe,” said Venture Global CEO Mike Sabel.
“The Vertical Corridor has emerged as a vital energy hub for the region, and our continued investment in infrastructure such as the Alexandroupolis terminal is helping create new pathways for secure, reliable energy supply across Central and Eastern Europe.”
Atlantic-SEE LNG CEO Alexandros Exarchou added that current globall developments have created a historic opportunity for Greece to operate as a multi-continental energy hub.
“The expansion of our commercial agreement with Venture Global ****reflects the ambition and solid ground of our long-term strategic plan on LNG and the potential of the vertical corridor, which can provide alternatives and energy security across Central and Eastern Europe,” the CEO said.
“The geopolitical development has offered us the historic opportunity to operate as an energy hub between continents, and we aspire to build on this momentum and offer our customers long-term, sustainable, and predictable energy safety.”