Venture Global Announces Landmark Energy Security Agreement with DTEK of Ukraine
ARLINGTON, Va., June 13, 2024 /PRNewswire/ -- Today, Venture Global and D. TRADING (commercial arm of DTEK Group) announced the execution of a comprehensive Heads of Agreement (HOA) for the supply of U.S. liquefied natural gas (LNG) to Ukraine and Eastern Europe. The HOA provides that DTEK's subsidiary, D. TRADING, will purchase cargoes from Venture Global's Plaquemines LNG facility beginning later this year through the end of 2026 to support near to medium term energy security needs for Ukraine and the broader Eastern European region. In addition, the HOA provides that D. TRADING will purchase up to 2 million tonnes per annum (MTPA) of LNG from Venture Global's third facility, CP2 LNG, for 20 years. The HOA also calls for cooperation on opportunities to access regasification terminal capacity and gas pipeline capacity that provide an integrated and flexible transport path to support the energy security of the region.
"Venture Global is proud to partner with D. TRADING to support Ukrainian and Eastern European energy security by supplying short-term and long-term U.S. LNG from our Plaquemines and CP2 facilities. President Biden has committed to increasing LNG supply into Europe and Venture Global is pleased to be in a position to continue to support these efforts. With this landmark agreement, we will help bolster Ukraine's security of natural gas supply, aid continued recovery and economic growth in the region, and further strengthen European energy security," said Mike Sabel, CEO of Venture Global.
"At D.TRADING we believe that this Heads of Agreement marks a significant milestone in our commitment to support Ukraine and the EU in the process of decarbonization, as well as energy security for Europe. This partnership underscores a strong dedication to ensuring access to sustainable energy today and in the future." - Ivan Geliukh, D.TRADING CEO.
To date, the initial phase of CP2 has been sold through 20-year sales and purchase agreements with ExxonMobil, Chevron, JERA, New Fortress Energy, INPEX, China Gas, SEFE and EnBW. Venture Global is in active discussions for the remaining capacity, and has launched significant off site construction of the project while it awaits project authorizations from U.S. regulators.
About Venture Global LNG
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, commenced producing first LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.
About D.TRADING
D.TRADING is a pan-European commodity trading company that combines a client-oriented business approach with cutting-edge technology. Operating from Europe for Europe, we understand the Central, Eastern and Southeastern Europe (CESEE) markets. The company was incorporated in 2019 as a commercial arm of DTEK Group. With the start of international expansion D.TRADING has established strategic hubs in Amsterdam/NL, Zug/CH, Zagreb/CRO and Kyiv/UA. Today, D.TRADING teams manage business in 21 countries and work on 14 energy trading exchanges.
We use our advanced tools and technologies to tailor innovative commodity trading solutions, creating unique benefits for our customers and partners.
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