Greek LNG Buyer Says Long-Term US Deals Getting More Difficult
(Bloomberg) -- The boss of Greece’s Atlantic SEE LNG Trade said it’s becoming more difficult to secure long-term liquefied natural gas deals with US suppliers, after the Iran war upended the global market.
Competition between European and Asian buyers for US LNG has intensified after the Middle East conflict closed the Strait of Hormuz, choking off one-fifth of global supplies and driving up spot prices. That’s making US firms averse to signing the 20-year contracts sought by Atlantic SEE, as it pushes to expand Greece’s role as an LNG hub for the wider region.
“US suppliers have become reluctant to commit to a price for a long period of time,” Chief Executive Officer Alexandros Exarchou said in an interview. “This is a different situation from six months ago when they were gasping for such long-term agreements.”
Uncertainty about the evolution of prices — following damage to the world’s largest LNG export terminal in Qatar — means that some US suppliers are even offering incentives to reduce the size of existing contracts, the CEO said.
Due to the capital commitments required to build and finance US LNG projects, smaller buyers may struggle to sign long-term contracts with American sellers. Much of US output is already committed to long-term European and Asian contracts.
Atlantic SEE — a joint venture between Aktor Group and Greece’s state gas supplier Depa Commercial SA — reached a 20-year deal in November with Venture Global Inc. to import 4 billion cubic meters of LNG a year from 2030. Most of that will be shipped to regional neighbors, including 1 bcm for Albania and 0.5 bcm for Bosnia-Herzegovina.
The company is looking to conclude negotiations with Romania by the end of the summer, which will bring total supply agreements to 3.7 bcm a year, said Exarchou, who is also chairman and CEO of Aktor.
Greece’s search for US LNG deals comes as the European Union phases out flows of the fuel from Russia by the end of this year.
Should deals be reached with Bulgaria and Ukraine later this year, Atlantic SEE will seek further US LNG contracts — taking total supplies to as much as 8 bcm. The company is also willing to explore potential supply agreements with countries such as Serbia, Croatia and North Macedonia, the CEO said.
While the Venture Global deal cushions Atlantic SEE from market volatility, the price of 20-year contracts has increased dramatically, according to Exarchou.
“We’re discussing for additional quantities from various suppliers in the US,” said the CEO, who expects spot prices to climb significantly from September.
Exarchou also warned that the EU has yet to introduce targeted measures to mitigate potential winter supply risks, as the region seeks to replenish its depleted gas inventories over the summer.
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