ARLINGTON, Virginia, Sept. 7, 2018 /PRNewswire/ -- Venture Global LNG, Inc. announces 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."
About Venture Global LNG
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). Venture Global LNG is developing both the 10 MTPA Venture Global Calcasieu Pass facility (on an approximately 1,000-acre site located at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico) and the 20 MTPA Venture Global Plaquemines LNG facility (on an approximately 630-acre site in Plaquemines Parish, Louisiana, 30 miles south of New Orleans on the Mississippi River). Venture Global has raised $630 million of capital to-date to support the development of its projects. More can be found at www.venturegloballng.com.
SOURCE Venture Global LNG, Inc.