Latest news with #CP2
The Star
6 days ago
- Business
- The Star
PETRONAS signs second LNG deal with Venture Global
Malaysian energy company Petroliam Nasional Bhd., known as Petronas, has signed a new 20-year deal for liquefied natural gas supply from Venture Global Inc., marking a significant sales and purchase agreement for the US exporter. The deal secures LNG from Venture Global's CP2, the American producer announced on Thursday. The company has raced to finalise the financing required to launch CP2, its third Louisiana export project. The exporter went public earlier this year, scaling back its initial public offering amid investor pushback. Under the terms of the agreement, Petronas will purchase 1 million metric tons a year of LNG from CP2, adding to its previous deal with the producer from its second plant, Plaquemines LNG, which first began exporting late last year. Venture Global faces pending arbitration from its customers related to its first LNG plant, Calcasieu Pass, with initial rulings expected sometime in the second half of the year. - Bloomberg
Yahoo
11-06-2025
- Business
- Yahoo
Japan's JERA agrees to buy US LNG to rebalance supply portfolio
By Yuka Obayashi, Katya Golubkova and Kentaro Okasaka TOKYO (Reuters) -JERA, Japan's biggest power generator, has agreed to new supply deals for U.S. liquefied natural gas (LNG) from four projects to diversify its global portfolio away from its reliance on Australia, it said on Thursday. JERA plans to buy up to 5.5 million metric tons per annum (mtpa) of U.S. LNG under 20-year contracts, with deliveries starting around 2030. That total includes some previously reported deals as well as newly announced agreements. The move illustrates Japan's efforts to seek stable and flexible LNG supply to strengthen energy security and meet growing electricity demand driven by expanding data centres. The country is the world's second-largest LNG importer after China. JERA, Japan's biggest LNG buyer, has signed a heads of agreement with Sempra Infrastructure for 1.5 mtpa from its Port Arthur LNG phase 2 project and a HOA with Cheniere Marketing for up to 1 mtpa from Corpus Christi LNG and Sabine Pass LNG. The Japanese utility also signed a 20-year sales and purchase agreement (SPA) with U.S. LNG developer Commonwealth LNG for 1 mtpa from its Louisiana project. On Tuesday, sources familiar with the negotiations told Reuters about the deal though both companies declined to comment at the time. The 5.5 mtpa figure also includes its deal announced on May 29 with NextDecade to buy 2 mtpa from its Rio Grande LNG project. All four are 20-year, free-on-board contracts with no destination restrictions, although the Cheniere deal could go beyond 20 years, JERA said. "We made these decisions because cost-competitive and flexible LNG is essential as we look towards the 2030s," JERA's Global CEO and Chair Yukio Kani told Reuters. He added that LNG has become increasingly important amid rising power demand from data centres and the soaring costs of cleaner alternatives like hydrogen and ammonia. "We were also aiming to secure contracts with the projects already under development and tied to the EPC (engineering, procurement, and construction) agreements before the recent surge in LNG project costs and interest rates," he said. The announcement comes amid ongoing trade talks between Japan and the United States, though Kani stressed there was no government pressure behind the deals which he said were purely private sector decisions. "We are rebalancing towards the global supply mix," he said, to reduce its weighting toward Australia. After the new deals, the U.S. will supply nearly 30% of JERA's LNG mix, up from 10% now. Oceania and Asia, including Australia, currently account for more than half. JERA, jointly owned by Tokyo Electric Power and Chubu Electric Power, already buys U.S. supply from Freeport LNG and Cameron LNG. In 2023, it signed a 20-year contract to buy 1 mtpa from Venture Global's CP2 project. Sign in to access your portfolio
Business Upturn
03-06-2025
- Business
- Business Upturn
Venture Global Launches Site Work at CP2 LNG Following Federal Approval
Arlington, Va., United States: CP2 is Venture Global's Third Facility to be Built in Last Five Years Upon completion, Venture Global expected to become the largest LNG exporter in the United States, second largest in the world Project expected to bring new LNG supply to global market beginning in 2027 Venture Global, Inc. ($VG) announced today that it has initiated full mobilization and started site work at the company's third LNG export facility, CP2 LNG. The launch of the site work comes shortly after CP2 received final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC) on the Project, and weeks after receiving its non-FTA export authorization from the U.S. Department of Energy. This press release features multimedia. View the full release here: CP2 begins on-site work in Cameron Parish, La 'Venture Global applauds the Commission and FERC staff for their continued work to advance critical U.S. energy projects like CP2 LNG that support our allies abroad and thousands of jobs here at home,' said Mike Sabel, CEO of Venture Global. 'With all federal approvals now in hand we are excited to announce that we have launched on-site work for this Project, which is expected to deliver reliable low-cost LNG to the world starting in 2027. I am proud of our team and their relentless commitment to execution which has enabled our company's historic achievements and rapid growth from a start-up to breaking ground on our third LNG export facility since 2019.' CP2 is a strategically important project that is expected to provide U.S. LNG to customers in Europe, Japan and other allies around the world. The Project is expected to support approximately 3,000 new jobs in Louisiana – 400 of which will be direct, permanent employees of CP2 – and pay more than $4 billion in local property taxes during its operation. At peak construction, CP2 is expected to employ approximately 7,500 direct construction jobs and support tens of thousands of indirect subcontractor, part-time and full-time jobs in over 30 states. Building off Venture Global's 'design one, build many' modularized LNG facility strategy, CP2 is already well advanced in engineering, procurement and contracting. Separate from the site work commencing now, the Project already has significant off-site work underway on the Project modules and equipment. This significant engineering and off-site progress now positions CP2 as one of the most advanced LNG export projects under development in the United States and we believe, once completed, will position Venture Global to become the top exporter of U.S. LNG. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022 and achieved commercial operations in April 2025. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. Forward-looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements, other than statements of historical facts, included herein are 'forward-looking statements.' In some cases, forward-looking statements can be identified by terminology such as 'may,' 'might,' 'will,' 'could,' 'should,' 'expect,' 'plan,' 'project,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'pursue,' 'target,' 'continue,' the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include our need for significant additional capital to construct and complete future projects and related assets, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; the uncertainty regarding the future of global trade dynamics, international trade agreements and the United States' position on international trade, including the effects of tariffs; our dependence on our EPC and other contractors for the successful completion of our projects, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects; and risks related to other factors discussed under 'Item 1A.—Risk Factors' of our annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') and any subsequent reports filed with the SEC. Any forward-looking statements contained herein speak only as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as may be required by law. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Associated Press
03-06-2025
- Business
- Associated Press
Venture Global Launches Site Work at CP2 LNG Following Federal Approval
ARLINGTON, Va.--(BUSINESS WIRE)--Jun 3, 2025-- Venture Global, Inc. ($VG) announced today that it has initiated full mobilization and started site work at the company's third LNG export facility, CP2 LNG. The launch of the site work comes shortly after CP2 received final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC) on the Project, and weeks after receiving its non-FTA export authorization from the U.S. Department of Energy. This press release features multimedia. View the full release here: CP2 begins on-site work in Cameron Parish, La 'Venture Global applauds the Commission and FERC staff for their continued work to advance critical U.S. energy projects like CP2 LNG that support our allies abroad and thousands of jobs here at home,' said Mike Sabel, CEO of Venture Global. 'With all federal approvals now in hand we are excited to announce that we have launched on-site work for this Project, which is expected to deliver reliable low-cost LNG to the world starting in 2027. I am proud of our team and their relentless commitment to execution which has enabled our company's historic achievements and rapid growth from a start-up to breaking ground on our third LNG export facility since 2019.' CP2 is a strategically important project that is expected to provide U.S. LNG to customers in Europe, Japan and other allies around the world. The Project is expected to support approximately 3,000 new jobs in Louisiana – 400 of which will be direct, permanent employees of CP2 – and pay more than $4 billion in local property taxes during its operation. At peak construction, CP2 is expected to employ approximately 7,500 direct construction jobs and support tens of thousands of indirect subcontractor, part-time and full-time jobs in over 30 states. Building off Venture Global's 'design one, build many' modularized LNG facility strategy, CP2 is already well advanced in engineering, procurement and contracting. Separate from the site work commencing now, the Project already has significant off-site work underway on the Project modules and equipment. This significant engineering and off-site progress now positions CP2 as one of the most advanced LNG export projects under development in the United States and we believe, once completed, will position Venture Global to become the top exporter of U.S. LNG. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022 and achieved commercial operations in April 2025. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. Forward-looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements, other than statements of historical facts, included herein are 'forward-looking statements.' In some cases, forward-looking statements can be identified by terminology such as 'may,' 'might,' 'will,' 'could,' 'should,' 'expect,' 'plan,' 'project,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'pursue,' 'target,' 'continue,' the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include our need for significant additional capital to construct and complete future projects and related assets, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; the uncertainty regarding the future of global trade dynamics, international trade agreements and the United States' position on international trade, including the effects of tariffs; our dependence on our EPC and other contractors for the successful completion of our projects, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects; and risks related to other factors discussed under 'Item 1A.—Risk Factors' of our annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') and any subsequent reports filed with the SEC. Any forward-looking statements contained herein speak only as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as may be required by law. View source version on CONTACT: Investors: Ben Nolan [email protected]: Shaylyn Hynes [email protected] KEYWORD: LOUISIANA VIRGINIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OTHER ENERGY CONSTRUCTION & PROPERTY OIL/GAS OTHER MANUFACTURING ENERGY ENGINEERING OTHER CONSTRUCTION & PROPERTY MANUFACTURING SOURCE: Venture Global Inc. Copyright Business Wire 2025. PUB: 06/03/2025 07:00 AM/DISC: 06/03/2025 06:58 AM
Yahoo
30-05-2025
- Business
- Yahoo
Venture Global's 28 MTPA CP2 LNG Plant Receives FERC Approval
Venture Global, Inc. VG has recently received the necessary approvals from the U.S. regulatory authorities for the construction of the CP2 liquefied natural gas ('LNG') plant in Louisiana. A document by the Federal Energy Regulatory Commission ('FERC') confirmed the same. Venture Global had previously received approval for the construction of the CP2 LNG project from the FERC. However, following a ruling by a U.S. Court of Appeals regarding a similar LNG project, the FERC decided to conduct an additional assessment of the impact of this project on the region's air quality. The study concluded that the construction of the LNG project should be allowed to continue. The regulatory approvals for the projects came in after the final environmental review showed that the project would not have a material impact on the area's air quality, and the construction of the plant is in the public interest. The CP2 LNG plant will be constructed adjacent to VG's Calcasieu Pass LNG facility in Louisiana. The construction of the 28 million metric tons per annum (MTPA) LNG plant should support the export capabilities of the United States and solidify its position as the largest exporter of natural gas. The CP2 plant is expected to be the largest LNG export facility in the country. The completion of the plant could also make Venture Global the largest LNG company in the United States. After receiving approval from the regulatory authorities, the company's CEO has stated that the on-site construction of the project will begin immediately. The supplemental environmental review for the CP2 project came in after a ruling by the U.S. Court of Appeals for the District of Columbia Circuit against NextDecade Corporation's LNG plant at the Port of Brownsville. This overturned the FERC's prior approval for the construction of the plant. Following this, the FERC decided to closely assess the impact of the CP2 LNG plant on the air quality of the region. The CP2 LNG project in Louisiana has been caught in a conflict between the energy sector and environmentalists who are seeking to limit the expansion of LNG projects in the United States. VG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK, Energy Transfer ET and RPC, Inc. RES. Flotek Industries presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industriesspecializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs. Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 125,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, the company's outlook seems positive. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to its shareholders through consistent dividend payments and share buybacks, making it an attractive choice for investors seeking steady returns. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Venture Global, Inc. (VG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
