An agreement with significant geoeconomic and energy weight was announced on the second day of the Partnership for Transatlantic Energy Cooperation (P-TEC) conference hosted in Athens, Greece.
Atlantic-See LNG Trade S.A. – a newly formed joint venture between Greek companies AKTOR and DEPA Commercial – reached an agreement with the American producer and exporter of U.S. liquefied natural gas (LNG), Venture Global, to bolster Central and Eastern European energy security.
New York-listed Venture Global has entered into a 20-year sales and purchase agreement with Greece’s Atlantic-See LNG Trade S.A. for the purchase of a minimum of 0.5 million tonnes per annum of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030, according to a press release statement.
Under the deal, Atlantic-See has the potential to expand its purchase commitment, Venture Global said in its release.
This move strengthens the strategic goal of ensuring energy security and diversifying supply sources for the countries in the region.
Aktor Group and DEPA Commercial have established Atlantic-See LNG Trade S.A., a new company focused on the procurement and import of liquefied natural gas (LNG) into Greece, with the aim of further commercializing it both domestically and abroad.
In the new company, the Aktor Group holds a 60% stake and DEPA Commercial holds a 40% stake, respectively.
Konstantinos Xifaras, chairman of Atlantic-See LNG Trade S.A. and CEO of DEPA Commercial, stated: “The establishment of Atlantic-See LNG Trade S.A. is part of DEPA Commercial’s strategy to strengthen its outward orientation and regional presence. Through this partnership, DEPA Commercial substantially expands its footprint in the natural gas markets of Southeastern Europe, contributing to the diversification of supply sources and the enhancement of energy security in the region. This is a strategic step that strengthens the company’s export focus and elevates Greece’s role as a reliable and stable energy hub in the wider area.”
This deal marks Greece’s first ever long-term LNG supply agreement with a U.S. exporter, Venture Global said, launching a dynamic and growing partnership between Atlantic-See LNG and Venture Global.
The announcement of this supply agreement follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which currently accounts for approximately 25% of the terminal’s total capacity.
The Alexandroupolis LNG FSRU 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 U.S. natural gas into the region.
“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,” highlighted Venture Global chief executive officer Mike Sabel.
