Venture Global will have access to 3 million tonnes per annum (Mtpa) of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for 16 years from 2029 – marking its first investment in LNG infrastructure outside the US.
The long-term terminal use agreement enables the regasification and sale of LNG from all of Venture Global’s terminals in Louisiana, including CP2 LNG, subject to obtaining necessary federal permits. The volume is equivalent to 5% of average UK gas demand.
It marks the second agreement from Grain LNG’s auction process which was launched in September 2023, and secures the future of Europe’s largest LNG import terminal into the mid 2040s.
Currently undergoing a significant expansion, Grain LNG will soon have enough regasification capacity to service approximately one third of the UK’s gas demand, serving as a gateway to the UK energy market as well as the broader European region. The UK has recently seen a significant rise in LNG imports as Europe has diversified its LNG sources.
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