Venture Global LNG To Buy Fleet Of Vessels

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Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.

The nine vessels in Venture Global’s future fleet will be built in South Korea with the first to be delivered later this year, the Arlington, Virginia-based company said.

More than 250 cargoes shipped

The company has shipped more than 250 cargoes under its own account from the first plant, called Calcasieu Pass, sparking complaints from big-name energy companies holding long-term contracts that the sales should have been made available to them.

The company hopes to complete the commissioning of the plant by the end of the year, CEO Mike Sabel told reporters gathered at Venture Global’s Houston offices on Sunday.

Shell on Sunday declined to comment on Venture Global’s latest move to bolster its sales. Shell previously said Venture Global’s sales of Calcasieu plant LNG cargoes without providing them to contract customers was deceitful.

The second phase of Calcasieu Pass could start producing LNG in 2026 if it gets regulatory approval soon, Sabel said on Sunday. The plant would have capacity to produce 20 million metric tons per annum (mtpa), much of which the company has already sold through 20-year sales and purchase agreements.

Fall in LNG prices

A recent fall in LNG prices is driving higher demand for cargoes from Europe, he added.

Sabel also said the company was not interested in any mergers nor partners since money was not a problem and the focus was on continued expansion.

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Source : Reuters