HOUSTON, Sept 17 (Askume) – U.S. liquefied natural gas (LNG) developer Venture Global LNG has signed a five-year deal with Gastrade SA to regasify up to 1 million tonnes of LNG in Greece over five years starting next year.
Regasification is the process of converting liquefied natural gas back into its gaseous state.
The deal will also give Venture Global LNG access to regasification capacities at the Alexandroupolis LNG terminal on the Thracian Sea, expanding its access to central and eastern European markets, the company said.
Venture Global LNG said the Virginia-based company will acquire 25% of the terminal’s total capacity, about 12 cargoes per year.
Once its proposed Plaquemines LNG export terminal is fully completed and operational, Venture Global Cheniere Energy(LNG.N) will become the second-largest U.S. exporter of ultra-cooled natural gas.
“This move further integrates our business by expanding our assets across the LNG supply chain, including LNG production, transportation and regasification,” said Mike Sabel, CEO of Venture Global.
Venture Global says the new Alexandroupolis LNG terminal and the north-south “vertical corridor” will provide a new route for bringing alternative gas supplies to the region and will thus be crucial to strengthening energy security in Central and Eastern Europe.
Greece’s critical energy infrastructure program is co-financed by Europe and partially supported by the United States through the International Development Finance Corporation.
