Venture Global and EnBW expand LNG partnership
US liquefied natural gas (LNG) export project developer Venture Global and German energy company EnBW have decided to expand their existing LNG partnership to 2 million tonnes per annum (mtpa).
The companies entered into 20-year sales and purchase agreements in June 2022 for 1.5 mtpa of LNG.
Now, EnBW has increased the quantity of its long-term LNG offtake from Venture Global by an additional 0.5 mtpa from Plaquemines and CP2 LNG.
“Venture Global is delighted to be a growing strategic partner to Germany and EnBW, a foundation customer at both Plaquemines and CP2”, said Venture Global CEO Mike Sabel.
“The German government has taken swift action to address the energy crisis and we are honoured to support their efforts by providing security of US LNG supply.”
“To become less dependent on Russian natural gas and to strengthen diversification and security of supply, EnBW is supporting the German government by increasing further access to LNG supplies. For this reason, we have stepped up our procurement volumes from Venture Global”, explained Georg Stamatelopoulos, COO Generation & Trading at EnBW.
“With the help of LNG, we can secure Germany’s gas supply to enable the energy transition, while not losing sight of our climate neutrality targets.”
To remind, in May, Germany entered into charter agreements to secure four floating storage and regasification units (FSRUs), representing one of the first big steps to cut the country’s dependence on Russian gas.
The country is building floating LNG terminals in Brunsbüttel and Wilhelmshaven and at Lubmin and Stade ports.
RWE and Uniper will be operating two FSRUs chartered by the federal government at the Brunsbüttel and Wilhelmshaven sites from the end of 2022 or the beginning of 2023.
Until the end of March 2024, the volumes of LNG needed to exploit the capacity of the LNG terminals will be procured exclusively by RWE and Uniper and by EnBW and its subsidiary VNG.