Venture Global doubles LNG supply to Greece under expanded 20-year deal

Greece will receive twice as much US liquefied natural gas from Venture Global starting in 2030 after the company and Greek buyer Atlantic-SEE expanded their existing sales and purchase agreement. The amended deal raises contracted volumes from 0.5 million tonnes per annum (MTPA) to 1.0 MTPA and runs for 20 years.

The buyer and the route

Atlantic-SEE LNG Trade is a joint venture formed in November between AKTOR Group, which holds a 60% stake, and DEPA Commercial, which holds 40%. The company's aim is to import LNG into Greece and move it onward through what both parties call the 'Vertical Corridor' -- a South-North supply route that runs from the Alexandroupolis terminal in northern Greece up through Central and Eastern Europe.

Venture Global already has skin in that route. The company has invested in regasification capacity at the Alexandroupolis floating storage and regasification unit (FSRU) terminal, where its capacity currently accounts for roughly 25% of the terminal's total throughput. That existing infrastructure is what makes the expanded volumes viable.

Deal terms

The agreement covers 1.0 MTPA of LNG per year for 20 years from 2030. That is double the minimum volume in the original contract. Midstream & LNG coverage of the broader transatlantic supply push shows how this fits into a wider pattern: Venture Global has struck multiple European supply deals over the past year, including expansions with Germany's EnBW.

Venture Global is an Arlington, Virginia-based LNG producer and exporter with more than 100 MTPA of capacity in production, construction, or development. Its first three projects -- Calcasieu Pass, Plaquemines LNG, and CP2 LNG -- are all located in Louisiana. The company began producing LNG in 2022 and now ranks among the largest US exporters.

Context: Central and Eastern European demand

The Alexandroupolis terminal and its South-North corridor were designed in part to give landlocked Central and Eastern European countries a path to diversified gas supply outside the traditional east-west pipeline grid. Greece sits at the Mediterranean entry point and can re-export volumes northward by pipeline.

The JV partners and Venture Global both cited the region's energy security as the rationale for the deal. The partnership for the JV was first announced at the 6th Partnership for Transatlantic Energy Cooperation (PTEC) conference held in Athens in November.