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ARLINGTON, Va. , Feb. 5, 2024 /PRNewswire/ — Today, Grain LNG and Venture Global announced the signing of a long-term Terminal Use Agreement (TUA) that enables the regasification and sale of LNG from all Venture Global sites. terminals in Louisiana, adding CP2 LNG, subject to obtaining mandatory federal requirements. Under the terms of the agreement, Venture Global will have the option of 3 million tonnes per annum (3 MTPA) of LNG storage and regasification capacity at Grain. Island LNG receiving terminal for 16 years from 2029, equivalent to 5% of the UK’s average gas demand.
This is the second deal to emerge from Grain LNG’s competitive auction process that was announced in September 2023. The fate of the auction further secures the future of Europe’s largest LNG import terminal until the mid-2040s.
Grain LNG, which is currently undergoing significant expansion, will soon have enough refuelling capacity to meet around a third of the UK’s fuel demand, serving as a gateway to the UK energy market as well as the wider European region. The UK has recently noticed a significant increase in LNG imports as Europe has diversified its LNG sources.
With volumes across its projects – Calcasieu Pass, Plaquemines LNG and CP2 LNG – this investment will bolster Venture Global’s status as a strategic supplier to Europe. This flexibility and access to Venture Global’s volumes will be critical to the UK and Europe’s efforts to replace LNG volumes from other suppliers. To date, Venture Global has exported about 75% of its cargoes to Europe.
Mike Sabel, CEO of Venture Global, said: “Venture Global is very pleased to announce our first investment in LNG infrastructure outside the US. We are expanding our capacity to deliver LNG from all of our projects. Grain’s LNG terminal is a vital element. gateway to the wider market: the European market, and we look to the future to supply the region through this new hotspot in the coming years. “
Katie Jackson, President of National Grid Ventures said: “I’m delighted that we are today able to announce the second result from our September auction, commencing a long term partnership with Venture Global. LNG imports play a critical role in making sure the whole of the UK has the gas it needs, when it needs it, providing a flexible and reliable supply of gas to heat peoples’ homes.
The UK has recently noted a significant increase in LNG imports as Europe sought select energy sources. The addition of our first American visitor further diversifies our supplier base, complements energy security for UK consumers and secures the future of our world-class business. until 2045. “
To learn more about Grain LNG, please visit: www. grainlng. com
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SOURCE Venture Global LNG
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