Venture Global Signs LNG Supply Agreement With Japan’s Mitsui

(Bloomberg) -- Venture Global Inc. signed a long-term liquefied natural gas supply deal with Japanese trading firm Mitsui, its third agreement in less than a week. 

The Virginia-based LNG exporter will supply 1 million tons a year to Mitsui starting in 2029, according to a company statement. The deal comes on the heels of the Venture Global’s 20-year agreement with Spain’s Naturgy Energy Group SA to supply 1 million tons a year starting in 2030. Last week, the producer announced an agreement to supply half a million tons a year to newly-formed Greek entity Atlantic SEE LNG Trade SA. 

Japanese companies are looking to procure more flexible LNG supply from the US as the Asian nation’s future gas demand growth remains unclear, while a boom driven by artificial intelligence may lift energy needs.

Venture Global operates two LNG export plants in Louisiana — Calcasieu Pass and Plaquemines — and is building a third, CP2, in the state. The company has leapfrogged other producers in a decade to become one of the biggest LNG exporters in the US.  

Amid the deals, the company also is facing prolonged arbitration with several customers — including oil majors Shell Plc. and BP Plc. — over contracts from its Calcasieu Pass facility. In August, an arbitration tribunal ruled in favor of Venture Global over Shell. Last month, another panel sided with BP. This week, Shell filed an appeal in New York Supreme Court challenging the liability award.  

In third-quarter earnings announced Monday, Venture Global beat average analysts’ estimates. During the earnings call, Chief Executive Officer Mike Sabel pointed to the company’s string of LNG deals as a vote of confidence from market participants.  

“In the last few months, Venture Global has gotten the most votes in the market from the terms of customer trust and confidence,” he said. “With these counterparties making multi-decade commitments to us and us to them.”

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