US gas firm books FSRU space
Venture Global agrees to store its LNG in 25% of the unit off Alexandroupoli as of next year
US interest in utilizing Alexandroupoli as a key liquefied natural gas (LNG) transportation hub in the Central and Southeast Europe region is highlighted by the agreement American company Venture Global announced to book 25% of the capacity to the new floating storage and regasification unit (FSRU).
One million metric tons of LNG per year from Venture Global’s terminals in Louisiana will be unloaded at the Alexandroupoli FSRU facilities to be regasified and channeled through the pipelines of the Greek system to the markets of Southeast Europe, strengthening the region’s supply security. The Alexandroupoli FSRU, which goes into operation on October 1, under the five-year agreement signed by the US company with Gastrade, which operates the unit, will receive the first loads from the Louisiana terminals in early 2025.
The implementation time of the agreement is not by chance, as it coincides with the possible interruption of Russian natural gas transmission through Ukrainian territory, a development that creates new opportunities for American LNG and, at the same time, prospects for the development of Gastrade’s plan for a second FSRU in Thrace, since the capacity of the existing unit is almost exhausted after the agreement with Venture Global.
Sources even say Dimitris Copelouzos will launch this second FSRU investment through Gastrade with the support of the American LNG industry, which since 2023 has become the largest LNG exporter in the world, with Europe as the main destination after Russia’s invasion of Ukraine.
The European interest in the strategic LNG infrastructure of Alexandroupoli is demonstrated by the visit to the terminal on Wednesday by the ambassadors of the 27 EU countries and their tour of the facilities by the Gastrade administration.
“As a major entry point for LNG in Central and Eastern Europe, this strategically important infrastructure will be critical to the region’s ability to diversify its energy and access secure and reliable energy supplies,” stated Venture Global CEO Mike Sabel.
