Venture Global Inc and Atlantic-See LNG Trade SA, formed last year by Greek companies Aktor Group and DEPA Commercial SMSA, have amended their agreement to allow the delivery of 1 million metric tons per annum (MMtpa) of United States liquefied natural gas (LNG) to Greece.
That doubles the volume agreed under their 20-year contract, which is scheduled to start deliveries 2030.
On September 17, 2024, Venture Global announced an agreement securing 1 MMtpa of regasification capacity at Greece’s Alexandroupolis LNG receiving terminal, part of the Vertical Corridor. The corridor is a network of gas infrastructure allowing the multidirectional flow of gas across European countries.
“The Vertical Corridor has emerged as a vital energy hub for the region, and our continued investment in infrastructure such as the Alexandroupolis terminal is helping create new pathways for secure, reliable energy supply across Central and Eastern Europe”, Venture Global chief executive Mike Sabel said in a joint statement announcing the expanded contract with Atlantic-See LNG Trade.
Atlantic-See LNG Trade CEO Alexandros Exarchou said, “The expansion of our commercial agreement with Venture Global reflects the ambition and solid ground of our long-term strategic plan on LNG and the potential of the Vertical Corridor, which can provide alternatives and energy security across Central and Eastern Europe. It also highlights the growing importance of the transatlantic energy cooperation between Greece and the United States that will benefit the entire region”.
“The geopolitical development has offered us the historic opportunity to operate as an energy hub between continents, and we aspire to build on this momentum”, Exarchou added.
The contract represents Greece’s first-ever long-term LNG supply agreement with a U.S. exporter, according to Venture Global.
In other developments Venture Global said it had completed a $2.25 billion debt instrument sale. That consisted of $1.125 billion senior secured notes due 2034 with an interest of 6.375 percent and $1.125 senior secured notes due 2036 with an interest of 6.625 percent.
Earlier this year the Venture Global subsidiary overseeing the Calcasieu Pass LNG project in Cameron Parish, Louisiana executed a $1.75 billion credit facility.
Part of the proceeds from the senior secured, term loan B facility was used to redeem preferred equity interests issued to Stonepeak Bayou Holdings II LP, according to Venture Global.
“This transaction meaningfully reduces our overall cost of capital while further strengthening our balance sheet and liquidity position”, Sabel said in a statement April 10.
Venture Global had $3.71 billion in current liabilities at the end of the first quarter, including a $126 million current portion of long-term debt.
Its current assets stood at $3.22 billion including $1.6 billion in cash and cash equivalents and $335 million in restricted cash, according to the company’s quarterly report May 12.