In a strategic move to enhance its energy infrastructure, Albania has finalized a long-term liquefied natural gas (LNG) supply agreement with U.S. companies Venture Global and Aktor LNG USA. Valued at approximately $6 billion, this deal spans 20 years and is part of a broader initiative involving Albania, Greece, and the United States aimed at bolstering regional energy security.
A key focus of this agreement is the revitalization of the Vlore gas-fired power plant, which has faced prolonged delays. The Albanian government intends to convert this facility from oil to natural gas, utilizing supplies from the newly established LNG contract. This transition is anticipated to breathe new life into a project that has remained dormant since its construction.
Once operational, the Vlore plant is projected to deliver around 350 MW of installed capacity. Initially built in 2011 with backing from international financial institutions such as the World Bank and the European Investment Bank (EIB), the facility has yet to commence commercial operations despite significant investment.
Previous initiatives aimed at developing LNG infrastructure in Vlore encountered numerous challenges. A 2021 collaboration involving Excelerate Energy and ExxonMobil LNG Market Development sought to establish an LNG import terminal alongside the power plant conversion and a regional distribution network. However, these plans faltered when a floating LNG unit was redirected to Germany in 2022.
This recent agreement signifies a renewed commitment by Albania to position itself as a regional energy hub, with expectations that LNG imports will fulfill both domestic consumption needs and those of neighboring Balkan markets.
