Venture Global Cuts 500K-Ton LNG Supply Deal with Greek Customer

The U.S. liquified natural gas (LNG) global export momentum rolls on with a new deal supplying a partner based in Greece.

Venture Global has signed a new sales and purchase agreement (SPA) with Atlantic-See LNG Trade contracting for a minimum of 500,000 metric tons of LNG annually. The SPA follows Venture Global’s earlier investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece.

U.S. LNG is natural gas produced from American drilling, primarily shale plays, and shipped to coastal terminals which chilled the gas to liquid form and make it stable for shipping. Venture Global is owner of several LNG liquefaction and export terminals along the U.S. Gulf of Mexico coastline.

“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,” said Venture Global CEO Mike Sabel in a statement.

The U.S. leads the world in LNG export thanks to the shale revolution. Companies such as NextDecade, Cheniere Energy and Venture Global are shipping millions of metric tons annually with plans to expand that volume multiple times.

Atlantic-See LNG is a newly formed joint venture between Greek companies AKTOR and DEPA. Under the SPA, Atlantic-See will be able to expand its purchase commitment.

Despite plans to modernize its energy mix, Greece is still dominated by fossil fuels such as coal, oil and natural gas. Since the Russia invasion of Ukraine, Greece has started shifting away from a reliance on Russian natural gas, as have other nations in Europe.

U.S. feed gas deliveries to LNG terminals hit another record this month with more than 18 billion cubic feet transported per day, according to Natural Gas Intelligence and other reports.