ARLINGTON: Petronas has signed a new 20-year deal for liquefied natural gas supply from Venture Global Inc, marking a significant sales and purchase agreement for the US exporter.
The deal secures LNG from Venture Global’s CP2, the American producer announced today.
The company has raced to finalise the financing required to launch CP2, its third Louisiana export project.
The exporter went public earlier this year, scaling back its initial public offering amid investor pushback.
Under the terms of the agreement, Petronas will purchase 1 million metric tonnes a year of LNG from CP2, adding to its previous deal with the producer from its second plant, Plaquemines LNG, which first began exporting late last year.
Venture Global faces pending arbitration from its customers related to its first LNG plant, Calcasieu Pass, with initial rulings expected sometime in the second half of the year.