The companies reportedly filed their cases at the London Court of International Arbitration, after a similar case was brought by Italian utility Edison in May. The contracted customers believe they lost enormous profits as LNG prices in Europe. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities, but the company has said the plant's on-site power supply facility required extensive repairs that will prevent contract deliveries from the first phase until early 2024.īut the plant has shipped six pre-commercial LNG cargoes so far this month, and 166 since its exports began in March 2022, Reuters reported, citing Refinitiv vessel tracking data. 1 day ago &0183 &32 - BP and Shell separately initiated arbitration proceedings against US-based Venture Global LNG over its failure to deliver contracted liquefied natural gas supplies, Reuters reported Wednesday. 1 day ago &0183 &32 Top LNG traders Shell and BP have separately filed for arbitration against U.S. PRESS RELEASE Venture Global LNG announces global tender for 5 MTPA tolling capacity. exporter sold to non-contract customers as prices soared due to Russia's gas supply cuts to Europe, Reuters reported Wednesday.īP ( BP) and Shell ( SHEL) missed out on billions of dollars in sales that went to Venture Global LNG because they did not receive their contracted fuel, according to the report. Venture Global LNG executes exclusive agreement to lease additional 93 acres along the Calcasieu Ship Channel in Cameron Parish,LA, raising total to 202 acres. Each block contains two liquefaction systems called trains. BP ( NYSE: BP) and Shell ( NYSE: SHEL) have separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as the U.S. The Federal Energy Regulatory Commission (FERC) has authorized Venture Global Calcasieu Pass, LLC, (Venture Global)the developer of the Calcasieu Pass liquefied natural gas (LNG) export terminalto commission the first six of nine liquefaction blocks.
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