Venture Global LNG secures more funds for LNG projects
Venture Global LNG raked in additional $160 million from large institutional investors bringing the company’s aggregate funding total to $630 million.
The transaction proceeds will fund Venture Global LNG’s development activities for its proposed LNG export facilities in Louisiana.
The company is developing both the 10 mtpa Calcasieu Pass facility on the Gulf of Mexico and the 20 mtpa Plaquemines LNG facility on the Mississippi River using liquefaction technology provided by its strategic partner GE Oil & Gas, part of Baker Hughes, a GE company (BHGE).
In response to the capital raise, Co-CEO Mike Sabel said, “Our growing list of world-class partners, which includes Shell, BP, Edison S.p.A., Galp, and PGNiG, among others, can feel confident in our ability to deliver the lowest cost LNG from North America.”
Co-CEO Bob Pender added that following the receipt of the draft environmental impact statement for our Calcasieu Pass project in June, the company is preparing for its FERC authorization and the commencement of construction in early 2019.
“The contracting momentum for our Plaquemines project continues to grow, and we expect to announce additional milestones in the near term,” he concluded.