Venture Global 'Secretly' Started Constructing $13B LNG Plant On US Gulf Coast
The Financial Times reported that Venture Global LNG would build one of the largest new liquefied natural gas export plants in the U.S. on the Louisiana coast. The Plaquemines project will supply more than 13 million tons a year of LNG, equivalent to 15% of total U.S. export capacity. A second phase could take the plant’s capacity to 20 million tons a year. The $13.2 billion secured for the development also marked the largest project-financing transaction in 2022. Mike Sabel, Venture Global’s chief executive, said the new plant at Plaquemines would be ready to begin commissioning cargoes in 2024. He told the Financial Times that it had been “secretly in construction” since August 2021. Plaquemines has received all necessary permits and secured long-term sales-and-purchase contracts covering 80% of the project’s output. Customers for the LNG from Plaquemines include buyers in Poland and China, as well as Shell Plc (NYSE: SHEL), EDF, and Exxon Mobil Corp (NYSE: XOM).