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    Venture Global signs LNG deals with Germany's EnBW


    June 23, 2022 - MarketLine

     

      Venture Global LNG has signed two long-term agreements with German energy company EnBW for the sale of liquefied natural gas (LNG) from its Plaquemines and CP2 facilities in the US.

      Under the 20-year sales and purchase agreements (SPAs), EnBW will receive a total of 1.5 million tonnes per annum (Mtpa) of LNG from Venture Global's facilities, starting in 2026.

      The German company will purchase 0.75Mtpa from the Plaquemines LNG project, which is being developed in Plaquemines Parish, Louisiana, approximately 20 miles south of New Orleans.

      Once fully developed, the Plaquemines LNG project will have an export capacity of up to 20 million metric tonnes per year.

      In May this year, Venture Global made the final investment decision for the first phase of the Plaquemines LNG facility and the associated Gator Express pipeline.

      The decision follows the closing of the $13.2bn project financing for the initial phase of the project.

      EnBW will also receive 0.75Mtpa from the CP2 LNG project, which comprises an LNG terminal with a 20Mtpa capacity and a peak capacity of nearly 24Mtpa.

      Venture Global LNG CEO Mike Sabel said: "This is the first direct binding offtake agreement for long-term US LNG signed by a German company, an important step that manifests Germany's strategy to diversify its energy mix.

      "Our company is honored to become a major provider of LNG to Germany, providing security of supply on a competitive, long-term basis."

      Venture Global already signed long-term offtake agreements with Shell, PGNiG, BP, Repsol, Edison, and GALP.

      EnBW generation and trading chief operating officer Georg Stamatelopoulos said: "We have expanded our LNG activities step by step in the recent years.

      "Liquefied natural gas plays a key role in the diversification of our fuels for electricity and heat generation; it opens up the possibility of new sources to secure Germany's gas supply in the current energy transition phase and builds a bridge to a green energy supply."

      Last month, Venture Global announced that it had made the the final investment decision for the first phase development of its proposed Plaquemines LNG export plant.

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