BAKU, Azerbaijan, July 16. Italian energy giant Eni has signed a long-term agreement with U.S.-based Venture Global for the supply of liquefied natural gas (LNG), marking a key step in its global expansion strategy, Trend reports.
Under the agreement, Eni will purchase 2 million tonnes of LNG per year (MTPA) for a period of 20 years. Deliveries are expected to begin by the end of the decade from Phase 1 of the CP2 LNG project, currently under development in Cameron Parish, Louisiana.
This is Eni’s first long-term LNG supply contract sourced from the United States. The company said the move is a significant milestone in its efforts to strengthen and diversify its LNG portfolio, with part of the volumes earmarked to support Europe’s energy security.
“The deal underscores Eni’s ambition to grow its LNG portfolio to around 20 MTPA of contracted volumes by 2030,” the company stated, highlighting that the partnership with Venture Global will also support its expanding global trading activities.
CP2 LNG, once completed, will have a peak production capacity of 28 MTPA, further reinforcing the U.S.'s growing role as a key LNG exporter. Venture Global’s track record in delivering major infrastructure projects is seen as instrumental in ensuring long-term supply reliability.