Ports & Terminals

Venture Global Announces Financing For Project On LMR

Venture Global LNG, the company already in the midst of building a liquefied natural gas (LNG) export facility in Plaquemines Parish, La., about 20 miles downriver from New Orleans at Mile 55 on the Lower Mississippi River, has announced a favorable final investment decision (FID) and financing for Phase 2 of that project. Phase 2 financing is $7.8 billion. Together with Phase 1, the total investment in the Plaquemines Parish terminal stands at about $21 billion, making it the largest project financing ever done, according to Venture Global.

“Venture Global is proud to announce a positive Final Investment Decision for Phase 2 of Plaquemines LNG, less than 10 months after sanctioning Phase 1,” said Mike Sabel, CEO of Venture Global LNG. “Our company’s continued ability to commercialize, obtain financing and build our projects in an extremely competitive market is a testament to our team’s proven track record of discipline and execution. I would like to thank our customers, lenders, advisers, construction partners and local partners in Louisiana for their continued support. Our team will continue to deliver on our mission to bring more clean, low-cost U.S. LNG to the global market in the coming years to support the world’s rapidly growing demand for energy.”

Phase 2 customers, according to Venture Global, include ExxonMobil, Chevron, EnBW, New Fortress Energy, China Gas, PETRONAS and Excelerate Energy.

The 630-acre Plaquemines LNG site includes 1.3 miles of river frontage and will have an export capacity of 20 million metric tons per year when fully built out.