NFE and Venture Global announce sale and purchase agreement
Published by Abi Larkin,
New Fortress Energy (NFE) have announced the execution of two 20-year sale and purchase agreements (SPA) with Venture Global LNG. Under the deals, Venture Global will supply 2 million tpy of LNG on a free on board (FOB) basis from its LNG facilities in Louisiana, US.
Under the first agreement, NFE will purchase 1 million tpy of LNG from Venture Global’s Plaquemines LNG export facility in Plaquemines Parish, Louisiana for a term of 20 years.
“We are pleased to partner with Venture Global as we advance our mission of providing customers around the world with access to low-carbon natural gas and affordable electricity,” said Wes Edens, Chairman and CEO of NFE. “These volumes support our plan to expand and diversify our stable natural gas supply portfolio to meet the growing needs of our customers in a structurally short global natural gas market.”
In addition to 1 million tpy from Plaquemines LNG, NFE agreed to purchase an additional 1 million tpy of LNG from Venture Global’s CP2 LNG facility, located in Cameron Parish, Louisiana, adjacent to Venture Global’s existing Calcasieu Pass LNG facility. In December 2021, Venture Global filed a formal application requesting authorisation from the Federal Energy Regulatory Commission (FERC) to site, construct, and operate to 20 million tpy nameplate capacity CP2 LNG facility.
“Venture Global is proud to enter into a long-term LNG partnership with New Fortress Energy. Our companies share a commitment to keeping energy markets well supplied while also advancing clean energy goals, through the export of low-cost US LNG to emerging economies,” said Mike Sabel, CEO of Venture Global LNG. “The CP2 LNG facility, adjacent to Calcasieu Pass, will build on our vision of making Louisiana an international hub for innovation to enhance global energy security.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25032022/nfe-and-venture-global-announce-sale-and-purchase-agreement/
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