US-based Argent LNG has signed a memorandum of understanding with the Government of Albania to jointly develop a large-scale liquefied natural gas storage and regasification terminal on Albania’s Adriatic coast.
The proposed terminal would be supplied with up to 5 million tons a year from Argent LNG. It is designed as a regional energy security asset for the Western Balkans and Southeastern Europe, not for Albania’s own consumption, the US-based company said.
Argent LNG is developing an LNG export facility in Louisiana with a capacity of 20 million tons per year
Argent LNG is developing an LNG export facility in Port Fourchon, Louisiana, with a capacity of 20 million tons per year. Commercial operations are expected to begin around 2029–2030.
The company noted that Albania mainly produces electricity from renewables.
The country is positioned as a strategic gateway, interconnecting with the Trans Adriatic Pipeline (TAP), Ionian Adriatic Pipeline (IAP), and the Fier–Vlorë corridor to deliver secure, US-sourced, non-Russian LNG across the region – with the potential, through reverse-flow and swap arrangements, to support Ukraine’s energy security as well, according to the company’s LinkedIn post.
The cooperation with Albania builds on the US company’s MoUs with Botas, Naftogaz, and Transgaz
The cooperation with Albania builds on the US company’s MoUs with Turkey’s Botas, Ukraine’s Naftogaz, and Romania’s Transgaz, positioning Albania as the Adriatic entry point in a single US-anchored regional supply architecture, the LNG firm added.
Argent LNG also noted that Albania is a member of the Three Seas Initiative, and that the two sides intend to develop the terminal as a flagship project under that framework.
Bass: A secure US-anchored supply point
“Albania has the opportunity to do for Southeastern Europe what it does not need to do for itself, to serve as a secure US-anchored supply point that strengthens the energy security of its neighbors and stands with Ukraine at a moment when energy has been used as a weapon against this region,” Argen LNG Chairman and CEO Jonathan Bass pointed out.
Albanian Minister of Infrastructure and Energy Enea Karakaçi stressed that the MoU reflects Albania’s commitment to strengthening energy security and security of supply across the region.
“The development of significant LNG storage and regasification capacity in Albania would provide the region with greater flexibility in managing periods of high demand and potential supply disruptions, while creating an important additional route for secure, diversified, and US-sourced energy,” he added.
Of note, Albania’s neighbour Greece has multiple LNG terminals, while its other neighbour, Montenegro, plans to build one.
US plans to replace Russia as gas supplier in Europe
However, the deal with Argent LNG is not the first LNG agreement between Albanian and US firms. In late April, Albania’s Albgaz and Aktor LNG USA signed a 20-year commercial agreement for LNG.
This is all part of the US’ efforts to sell its gas to European countries and supply states that used to be, or still are, supplied by Russia.
In February this year, 12 countries of Central and Eastern Europe and the Balkans agreed in Washington DC to enhance gas supply in partnership with the US by facilitating access to its LNG.
The vital element of these efforts is the Vertical Gas Corridor. North Macedonia and Serbia recently joined this initiative.
