Venture Global Makes Long-Term LNG Deal with Spain’s Naturgy
(Bloomberg) -- Venture Global Inc. signed a long-term deal to supply liquefied natural gas to Spanish energy company Naturgy Energy Group SA.
The US company will supply 1 million tons a year over a 20-year period starting in 2030, it said Monday in an earnings statement.
The deal comes as the US is looking to double its LNG export capacity. Major global suppliers are finalizing deals for their output ahead of an expected glut caused in part by increased US volumes and expanding production in Qatar.
Venture Global, based in Arlington, Virginia, operates the Calcasieu Pass and Plaquemines export plants and is building a third, CP2 — all in Louisiana. The company last week announced a long-term deal to supply 500,000 tons a year to new Greek energy company, Atlantic SEE LNG Trade SA.
The contract adds volumes to the portfolio of Naturgy, which faces a European Union ban on dealing with Russian LNG starting in 2027. The Spanish company, which currently has a 20-year supply pact with Russia’s Yamal LNG that was due to run until 2038, has said that it’s assessing new gas-procurement opportunities given the looming curbs.
Venture Global will hold a conference call later on Monday.
(Adds penultimate paragraph on Naturgy’s LNG position.)
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