Repsol to Buy LNG from Venture Global
Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.
Under this agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022 upon Final Investment Decision and the satisfaction of other customary conditions precedent.
Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly announced: "Our contract execution with Repsol, an industry leader across the LNG value chain, represents another significant milestone as we accelerate the development of our Calcasieu Pass project. We are delighted that Repsol, supporting the innovative, low-cost approach Venture Global is deploying at both Calcasieu Pass LNG and Plaquemines LNG, will be joining our existing, high quality partners: Shell, Edison SpA, Galp, BP and PGNiG of Poland."
Venture Global LNG is a long-term, low-cost provider of LNG to be supplied from resource rich North American natural gas basins. Venture Global LNG's liquefaction process system will employ a highly efficient and reliable suite of products supplied by GE Oil & Gas, LLC, part of Baker Hughes, a GE company (BHGE).