Venture Global signs new LNG Supply Deals with TotalEnergies and Vitol

Venture?Global announced on Tuesday that it had?signed new LNG supply agreements covering combined sales of over 1 million metric tonnes per annum (mtpa). These agreements will cover the next five-year period. The new agreements bring the total number of liquefied gas sales contracts secured by U.S. Exporter since the Iran War to over 3 million mtpa. This reflects the increased global demand for U.S. shipments due to the 'Strait of Hormuz closure.

Venture Global said that under the new contracts it will sell 0.85 million mtpa LNG to TotalEnergies, and increase its previously contracted volumes to Vitol by an additional 0.2 million mtpa. Deliveries are expected to begin this year. Vitol signed its initial 1.5 million mtpa deal in late March. Venture Global also signed a deal for 500,000 metric tons of coal per year with Trafigura in March.

Mike Sabel, Chief Executive Officer of Venture Global, said that the agreements "reflect the continued trust and confidence in Venture Global's capability to deliver reliable and low-cost U.S. Liquefied Natural Gas to global markets at a rapid pace and scale as energy security demand continues to increase." This is the first long-term agreement that Venture Global has signed with TotalEnergies. Total had previously bought cargoes on the spot market.

Sabel stated that by offering customers short, medium and long-term supply options we provide the flexibility and assurance they need to deliver gas where it is most needed. Venture Global has more LNG for sale in the near-term than any other U.S. company, thanks to its Plaquemines LNG Plant, which is the second largest export facility of America. Reporting by Curtis Williams, Houston; Editing by Lincoln Feast.

(source: Reuters)