Albania has made a significant move toward diversifying its energy mix by signing a long-term liquefied natural gas (LNG) supply agreement with two U.S. companies. The deal, valued at approximately $6 billion, was concluded between the Albanian Government, Venture Global, and Aktor LNG USA. The contract spans 20 years and is part of a wider cooperation framework involving Albania, Greece, and the United States, aimed at strengthening regional energy security and stability.
A central component of the agreement is the long-delayed Vlore gas-fired power plant. The government plans to convert the facility—originally designed for oil—to run on natural gas supplied under the new LNG arrangement. This conversion is expected to give new life to a project that has remained inactive since its completion.
Once operational, the Vlore facility is expected to provide approximately 350 MW of installed capacity. The plant itself was constructed in 2011 with support from international financial institutions, including the World Bank, the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB). Despite this backing, the plant has never entered commercial operation.
Previous attempts to establish LNG infrastructure in Vlore faced multiple setbacks. A 2021 agreement involving Excelerate Energy and ExxonMobil LNG Market Development envisioned the development of an LNG import terminal, conversion of the power plant, and a broader regional distribution network. However, the project ultimately stalled after a planned floating LNG unit was redirected to Germany in 2022.
The new agreement marks a renewed effort to position Albania as a regional energy hub, with LNG imports expected to support both domestic demand and wider Balkan energy needs.
