US company Venture Global has announced a significant agreement to book 25% of the capacity of the new floating storage and regasification unit (FSRU) at the Alexandroupoli liquefied natural gas (LNG) terminal.
Under this five-year agreement with the terminal’s operator, Gastrade, Venture Global will deliver one million tons of LNG annually from its terminals in Louisiana. The LNG will be regasified at the Alexandroupoli facilities and transported through the Greek pipeline system to markets in Southeast Europe, thereby enhancing the region’s energy security.
The Alexandroupoli FSRU is set to begin commercial operations on October 1, with the first shipments from Louisiana expected in early 2025. This agreement comes at a crucial time, as it coincides with potential disruptions to Russian natural gas supplies via Ukraine, creating new opportunities for American LNG.
Additionally, the deal supports Gastrade’s plans for a second FSRU in Thrace, as the current unit’s capacity is nearing full utilization. Venture Global CEO Mike Sabel emphasized that the Alexandroupoli terminal will serve as a key entry point for LNG into central and eastern Europe, playing a vital role in the region’s energy diversification and access to secure, reliable energy.