Albania signs $6 billion LNG supply deal with U.S. firms to restart Vlore power project

Albania’s government has taken a major step toward diversifying its energy mix by signing a long-term liquefied natural gas (LNG) supply agreement with two U.S. companies. Valued at approximately $6 billion, the contract runs for 20 years and is intended to strengthen regional energy security through cooperation involving Albania, Greece and the United States.

A $6 billion, 20-year contract

The agreement was concluded between the Albanian Government, Venture Global and Aktor LNG USA. It is designed as part of a wider cooperation framework meant to improve stability in the region’s energy system—an objective that matters for investors because it ties new gas supply plans to cross-border demand expectations rather than purely domestic use.

Converting the long-delayed Vlore facility

A key element of the deal is the plan to revive the Vlore project, which has remained inactive since completion. The government intends to convert the facility—originally designed for oil—to operate on natural gas supplied under the new LNG arrangement. If implemented as planned, this would effectively re-purpose existing infrastructure rather than building entirely new generation capacity from scratch.

350 MW capacity, but no commercial operation yet

Once operational, the Vlore facility is expected to provide about 350 MW of installed capacity. The plant was constructed in 2011 with support from international financial institutions including the World Bank, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). Despite that backing, it has never entered commercial operation.

Past LNG efforts in Vlore stalled

Earlier attempts to develop an LNG import pathway in Vlore ran into multiple setbacks. In 2021, an agreement involving Excelerate Energy and ExxonMobil LNG Market Development outlined plans for an LNG import terminal, conversion of the power plant and a broader regional distribution network. However, the project stalled after a planned floating LNG unit was redirected to Germany in 2022.

Renewed push for a regional energy hub

The new agreement signals renewed momentum behind Albania’s ambition to position itself as a regional energy hub. With LNG imports expected to support both domestic demand and wider Balkan energy needs, investors will likely focus on how quickly the conversion of Vlore can move from planning to execution—especially given that previous infrastructure efforts have already faced delays.