[Context: On March 6, Venture Global LNG announced an agreement with Shell to increase its LNG offtake to 2 million tons per annum (MTPA). Venuture Global LNG has raised hundreds of millions from unidentified investors. Further details and related links are below.]
VENTURE GLOBAL LNG
Venture Global and Shell Agree to Increase LNG Purchase to Two MTPA
WASHINGTON, March 6, 2018 /PRNewswire/ — Venture Global LNG, Inc. (“Venture Global LNG”) is pleased to announce that its subsidiary, Venture Global Calcasieu Pass, LLC (“Venture Global Calcasieu Pass”), has agreed with Shell NA LNG LLC (“Shell”) to increase their existing sales and purchase agreement (“SPA”), under which Shell will now purchase two (2) million tonnes per annum (“MTPA”) of liquefied natural gas (“LNG”) from Venture Global Calcasieu Pass’s LNG export facility under development in Cameron Parish, Louisiana.
Shell’s commitment, together with an SPA previously executed by Venture Global Calcasieu Pass with Edison S.p.A., brings the facility’s total committed capacity under binding, twenty-year FOB contracts to three (3) MTPA.
Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly announced that “Shell’s additional purchase is a huge milestone, we believe a breakout event, and a significant validation of our best in class approach on our path to commencement of construction later this year. We are delighted that we continue to execute and achieve our development targets as we implement our strategy, alongside world-class partners, to become one of the lowest cost producers of LNG to the world’s most important energy customers.”
Venture Global LNG is developing both the 10 MTPA Venture Global Calcasieu Pass facility on an approximately 1,000-acre site located at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico and the 20 MTPA Venture Global Plaquemines LNG facility in Plaquemines Parish, Louisiana on an approximately 630-acre site on the Mississippi River, approximately 30 miles south of New Orleans, Louisiana.
About Venture Global LNG
Venture Global LNG will be a long-term, low-cost producer of LNG to be supplied from resource rich North American natural gas basins. Venture Global LNG’s liquefaction process system will employ a highly efficient and reliable suite of products supplied by Baker Hughes, a GE Company (BHGE). Venture Global is developing LNG export terminals at Calcasieu Pass and Plaquemines Parish, Louisiana, totaling 30 MTPA of capacity.