The deal entails importing 2.25 million tons of liquefied natural gas (LNG) annually from Venture Global's CP2 LNG project.
This move comes as Germany, the largest economy in Europe, seeks to secure its gas supply following the cessation of deliveries from Russia.
“Venture Global is thrilled to begin a strategic partnership with SEFE, making our company the largest long-term LNG supplier to Germany,” said Mike Sabel, CEO of Venture Global LNG. “SEFE is playing a leading role in ensuring security of energy supply for not only Germany but the rest of the European gas market. Germany has acted decisively to diversify its energy portfolio, and LNG will be a vital part of that mix as it seeks to strengthen its energy security while at the same time advancing environmental progress. We are honored to support a key U.S. ally in each of these efforts.”
“By joining forces with Venture Global LNG, SEFE makes another important step on our mission to secure energy for German and European customers and meet the energy demand of the region. In delivering a substantial amount of the contracted capacity of CP2 LNG to European customers, we contribute to the further diversification and sustainability of the European energy supply,” said Egbert Laege, CEO of SEFE.
SEFE, wholly owned by the German government, was established last year as a result of Germany's intervention to salvage a former Gazprom unit that had been expropriated in April.
To ensure energy supply to Germany and Europe, the entity formerly known as Gazprom Germania was renamed Securing Energy for Europe GmbH (SEFE), with a significant loan provided by the German government.
The primary objective of SEFE is to safeguard the energy needs of Germany and the wider European region. (ILKHA)