European energy giants sign long-term deals with US, marking win for Trump administration

Two European energy giants have reached 20-year-long deals to purchase liquefied natural gas (LNG) from an American company, marking a major victory for the Trump administration.

Venture Global — an energy company based out of Arlington, Virginia — will supply 2 million metric tons of liquefied natural gas each year to Eni, a multinational energy company headquartered in Rome. The contract is for 20 years, according to announcements Wednesday from the two companies.

FROM BOURBON TO BORDEAUX: TRUMP’S TARIFFS SPILL INTO GLOBAL BOOZE MARKETS

“The agreement is Eni’s first long-term LNG supply from the United States and represents a significant milestone in Eni’s strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility,” as noted in the announcement from Eni. “Part of these volumes will contribute to the diversification of Europe’s gas supplies.”

In April, Italian Prime Minister Giorgia Meloni told Trump that her country would increase imports of American liquefied natural gas as a means of improving trade relations, according to Reuters.

TRUMP ANNOUNCES INDONESIA TRADE AGREEMENT: ‘GOOD DEAL FOR BOTH PARTIES’

Additionally, Venture Global announced last week it had reached a separate deal to supply 750,000 metric tons of liquefied natural gas each year to Germany-based SEFE Energy. The agreement is also for 20 years, according to an announcement from Venture Global.

“Venture Global is thrilled to expand our strategic partnership with Germany and SEFE and play a leading role in ensuring security of energy supply and affordability for not only Germany but the rest of the European gas market,” Mike Sabel, CEO of Venture Global, said in a statement at the time.

In June, German Chancellor Friedrich Merz met with Trump in Merz’s first visit to the U.S. since taking office. Following the meeting, Merz told reporters that they had agreed to strengthen cooperation on trade, according to Reuters.

TRUMP REVEALS TRADE DEALS IN PROGRESS, ‘SACRED’ TARIFFS ARE SET TO TAKE EFFECT AUGUST 1ST

Earlier this week, Trump announced that his administration will impose a 30% tariff on goods from members of the European Union (EU) starting Aug. 1, citing trade deficits and national security concerns.

The U.S. president also traveled to Pennsylvania on Tuesday, where he announced billions of dollars in state investments in artificial intelligence and energy.

The White House did not immediately respond to FOX Business’ request for comment.