Venture Global agrees to use a Greek regas terminal

Venture Global LNG, a U.S. developer of liquefied natural gas (LNG), announced on Tuesday that it has reached a five-year agreement with Gastrade SA to regasify up to 1 million metric tons of LNG in Greece starting next year from two of its export facilities in Louisiana.
The process of returning liquefied natural gas to its gaseous condition is known as regasification.
According to the firm, the agreement will expand Venture Global LNG’s access to regasification capacity at the Thracian Sea’s Alexandroupolis LNG receiving facility, hence expanding its market reach into Central and Eastern Europe.According to Venture Global LNG, the Virginia-based company will have access to 25% of the terminal’s total capacity, or about 12 cargoes per year.
When its projected Plaquemines LNG export terminal is completed and operational, Venture Global will overtake Cheniere Energy (LNG.N) as the second-largest exporter of superchilled gas from the United States.
“By expanding our assets throughout the LNG supply chain, including LNG production, shipping, and regasification, this move significantly integrates our business,” stated Mike Sabel, CEO of Venture Global.The new Alexandroupolis LNG receiving terminal and South-North ‘Vertical Corridor’ will be essential to enhancing Central and Eastern European energy security by providing a new route to bring alternative supplies of natural gas into the region, Venture Global added.
Important energy infrastructure projects in Greece have received partial funding from the United States through the International Development Finance Corporation and co-funding from Europe.