Page 9 - GLNG Week 21 2022
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GLNG AMERICAS GLNG
Venture Global takes FID on
Plaquemines LNG
INVESTMENT US-BASED Venture Global LNG has made a financing to close globally in 2022 to date – fully
final investment decision (FID) and closed the funded the balance of construction and commis-
project financing for the first phase of its planned sioning of this first phase.
Plaquemines LNG export terminal on Louisi- “Plaquemines will build on the success of
ana’s Gulf Coast. Calcasieu Pass, which broke global records for
The FID is the first on a Gulf Coast LNG pro- speed and execution,” stated Venture Global’s
ject to be announced since Venture Global sanc- CEO, Mike Sabel. “The project has attracted
tioned its first terminal in Louisiana, Calcasieu robust financial and commercial support, which
Pass LNG, in 2019. That project came online has enabled us to formally sanction this project at
earlier this year, 29 months after FID, in what the a critical moment for energy markets.”
company says was record time for a large-scale, The company has lined up a series of offtake
greenfield LNG facility. Venture Global will now agreements covering 80% of Plaquemines’ full
seek to replicate this at Plaquemines, which will capacity. Venture Global noted that Phase One
use the same modular design as Calcasieu Pass, customers include PGNiG, Sinopec, China
but will be double the size, at a capacity of 20mn National Offshore Oil Corp. (CNOOC), Shell
tonnes per year compared with 10mn tpy at Cal- and EDF. Customers for Phase Two announced
casieu Pass. to date include ExxonMobil, Petronas and New
Analysts had previously estimated that Fortress Energy – with those deals finalised since
Plaquemines LNG could cost around $9bn to mid-March as interest in US LNG has ramped
build. However, Venture Global said this week up.
that the financing it had just closed for the ini- Venture Global added that it was now actively
tial phase of the project came to $13.2bn. The seeking offtakers for its third planned Louisiana
first phase includes an “upsized” 13.33mn tpy LNG terminal, CP2, having already struck deals
of capacity and the associated Gator Express with ExxonMobil and New Fortress for this
pipeline. The company said the proceeds of the project.
debt and equity financing – the largest project
Week 21 27•May•2022 www. NEWSBASE .com P9
