Venture Global signs 20-year LNG contract with Petronas

Venture Global Inc, a U.S. LNG exporter, announced Thursday that Petronas had agreed to purchase 1 million metric tonnes of LNG from the CP2 Project. This is its first new CP2 client in two years.

Venture Global, a startup just three years ago has grown to be the second largest LNG producer in the United States and played a major role in keeping this country stable.

Top LNG exporter in the world

According to a person who has knowledge of this matter, Petronas's 20-year deal would supply oil from the first phase of the project.

The CP2 plant, if constructed in Louisiana, will be the U.S.'s second largest LNG facility with a combined production capacity of 28 MTPA. This could make Venture Global America's largest LNG manufacturer. The project will be built in two phases. Phase 1 is 15 MTPA.

The company has not yet made a financial decision on the construction of the project, but has promised to make one in the second half 2025.

Petronas' deal with Edison is the first new buyer announced since 2023. At that time, the company had a public spat over its business practices with BP Plc, Shell, Repsol and Orlen.

Failure to Provide

Calcasieu Pass, its first factory, delivered the cargoes to them on time.

Venture Global launched earlier this year

Moved to commercial operations

Calcasieu Pass has been selling cargos to its customers for many years.

Venture Global announced recently that New Fortress Energy decided to increase their purchase of LNG at CP2 from 1 MTPA to 1.5 MTPA.

(source: Reuters)