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    Venture Global announces FID for Plaquemines LNG

Summary

The company has executed 20-year sales and purchase agreements for 80% of the full 20mn metric tons/year project. [Image: Venture Global]

by: Shardul Sharma

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Venture Global announces FID for Plaquemines LNG

Venture Global LNG on May 25 announced a final investment decision (FID) and closing of the $13.2bn project financing for the initial phase of the Plaquemines LNG export project in Plaquemines Parish, Louisiana.

The US LNG developer said this is the first LNG project located in the US to reach financial close since its first facility Calcasieu Pass in August 2019. Venture Global began producing LNG at its first facility, the 10mn mt/yr Calcasieu Pass LNG terminal in Louisiana, in January.

Plaquemines LNG has received all necessary permits from the US department of energy. In addition, the company has executed 20-year sales and purchase agreements (SPAs) for 80% of the full 20mn metric tons/year project. 

Plaquemines LNG phase one customers include PGNiG, Sinopec, CNOOC, Shell and EDF; phase two customers announced to date include ExxonMobil, Petronas and New Fortress Energy. Marketing is actively underway for the company's third facility, CP2, and two SPAs with ExxonMobil and New Fortress Energy have already been executed for this project.