September 18, 2024 [Reuters]- U.S. liquefied natural gas (LNG) developer Venture Global LNG signed a five-year deal with Gastrade SA to regasify up to 1 million metric tons of LNG in Greece for a five-year period beginning next year from two of its Louisiana export facilities, the company said on Tuesday.

Regasification is the process of turning liquefied natural gas back to its gaseous state.

The deal will allow Venture Global LNG access to regasification capacity at the Alexandroupolis LNG receiving terminal on the Thracian Sea, increasing its ability to reach Central and Eastern European markets, the company said.

The Virginia headquartered company will gain access to 25% of the terminal’s total capacity or approximately 12 cargoes annually, Venture Global LNG said.

Venture Global is set to become the U.S. second-largest exporter of the superchilled gas after Cheniere Energy once its proposed Plaquemines LNG export terminal is fully constructed and producing.

“This move further integrates our business by growing our assets across the LNG supply chain including LNG production, shipping and regasification, said Venture Global CEO Mike Sabel.

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.

Critical energy infrastructure projects in Greece have been supported in part by European co-funding and the United States through the International Development Finance Corp.

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