Venture Global will proceed with the second phase of CP2 Liquefied Natural Gas project

Venture 'Global announced on Friday that it will move forward with the second phase of its CP2 liquefied - natural gas - project in Louisiana.

The second largest LNG supplier in the U.S. said that this project was important for global energy security and supply.

Since Qatar, which produces 20 percent of the world's LNG, closed down its LNG plant due to the ongoing conflict between Israel/U.S. and Iran, LNG prices have risen.

The benchmark for the Dutch Title Transfer Facility in Europe is $17 per million British thermal units. In Asia, the benchmark is $16.

CP2 has contracted with long-term customers in Europe 'and Asia to sell almost?all? of its LNG.

Venture Global said it had raised $8.6 billion for the second phase of its project after securing $34 billion during phase 1. It did not require equity investment.

Venture Global has completed its third LNG 'project', CP2, and in just five years the company went from a startup up to a contracted total capacity of 49 MTPA.

(source: Reuters)