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Venture Global to Double US LNG Supplies to Greece's Atlantic-SEE

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Venture Global (VG) will double the volume of LNG it sends to Atlantic-SEE in Greece under their existing sales-purchase agreement, for a period of 20 years from 2030, Venture Global said in a statement on Thursday.

Atlantic-SEE, a joint venture formed last November, will increase its offtake from Venture Global to 1.0 million tonnes per annum starting from the turn of the decade, up from 0.5 million now.

The JV is owned by Greek companies Aktor Group and Depa Commercial.

The revised deal comes after Venture Global announced it would invest in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which accounts for about 25% of the terminal's total regasification capacity.

Going forward, the terminal is seen as essential to enhancing Central and Eastern European energy security, with a pending complete ban on Russian gas imports, bringing "affordable and reliable U.S. natural gas into the region".

Earlier this week and prior to the deal's announcement, Atlantic-SEE CEO Alexandros Exarchou, told Reuters that it was becoming increasingly expensive to conclude long-term deals with US LNG suppliers.

That is because Asian buyers have now become regular and sometimes better-paying customers for US LNG cargoes that they were sourcing from the Middle East before the Iran war and the closure of the Strait of Hormuz.

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