Venture Global signs a 20-year LNG Supply Deal with Spain's Naturgy

Venture Global announced on Monday that it had signed a 20 year sales and purchase contract with Spain's Naturgy for the supply of 1 million metric tonnes per annum liquefied gas, starting in 2030.

This contract is the first long-term contract that Spain has signed for U.S. gas since Venture Global's initial contract in 2018. Venture Global has said that it has delivered 35 cargoes from its Calcasieu Pass facility and Plaquemines facility to Spain.

The company said it has already secured 5,75 MTPA in long-term contracts for delivery by 2025.

Mike Sabel is the CEO of Venture Global. "The signing this agreement and the strong commercial momentum that we have achieved in the last six months reflects continued customer confidence in Venture Global, as well as the robust demand for LNG worldwide," he said.

This announcement comes after Venture Global signed a recent agreement with Greece under which Greece would import 700 million cubic meters of U.S. Liquefied Natural Gas (LNG) annually beginning in 2030. The 20-year agreement came only weeks after the European Union banned Russian LNG starting in 2027 due to the conflict in Ukraine.

Venture Global reported a profit for the third quarter of 2014, compared with a loss in 2013. This was due to increased production from its Plaquemines plant, located in Louisiana, and a strong LNG market. (Reporting and editing by Emelia Sithole Matarise in Bengaluru)

(source: Reuters)