US liquefied natural gas (LNG) producer Venture Global has signed a five-year agreement with Gastrade to commit up to 1 million metric tonnes of LNG regasification capacity at the new Alexandroupolis terminal.

The five-year agreement takes effect in 2025, and the LNG will come from Venture Global's two export facilities in Louisiana, according to a company statement.

The agreement will allow Venture Global access to Alexandroupolis LNG, increasing its ability to reach Central and Eastern European markets, it said. The company will gain access to 25% of the terminal's total capacity, or about 12 cargoes per year.

"Venture Global is excited to expand our regasification capacity in Europe through the new Alexandroupolis LNG terminal in Greece," said Venture Global CEO Mike Sabel. "This move further strengthens our business by increasing our assets along the LNG supply chain, including LNG production, shipping and regasification.

The new Alexandroupolis FSRU LNG receiving terminal and the Vertical Corridor will be vital in enhancing the energy security of Central and Eastern Europe, providing a new route for the introduction of alternative gas supplies to the region. Both the United States government through the Development Finance Corporation (DFC) and European co-financing have contributed to critical energy infrastructure projects in Greece.

"As a major LNG entry point to 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," Mike Sabel added.

"Venture Global is proud to support these efforts as a strategic partner with volumes from both Plaquemines LNG and the future CP2 LNG."

Venture Global is a long-standing, low-cost supplier of U.S. LNG sourced from natural gas-rich reservoirs in North America. Venture Global's first facility, Calcasieu Pass, began producing LNG in January 2022. The company's second facility, Plaquemines LNG, is under construction and is expected to begin LNG production in 2024.

The company is currently building and developing over 74 MTPA of nameplate capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Dioxide Capture and Storage (CCS) projects at each of its LNG facilities.