Venture Global and Eni Announce 20-Year LNG Sales and Purchase Agreement

Business Wire

5 days ago

ARLINGTON, Va.--(BUSINESS WIRE)--Today, Venture Global, Inc. (NYSE: VG) and Eni S.P.A. of Italy announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 2 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from CP2 LNG, Venture Global's third project, for 20 years. This deal marks Eni's first ever long-term agreement with a U.S. LNG producer. To date, approximately 13.5 MTPA of CP2 Phase One has been sold, raising the total contracted capacity for all of Venture Global's projects to 43.5 MTPA. To date, Venture Global has supplied Italy with nearly 40 cargoes of U.S. LNG from its Calcasieu Pass and Plaquemines LNG facilities.
Venture Global and Eni S.P.A. announced the execution of a new SPA for the purchase of 2 MTPA of LNG for 20 years from CP2 LNG. This deal marks Eni's first ever long-term agreement with a U.S. LNG producer.
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'We are honored that Eni, a leading innovator and global gas player, has chosen Venture Global as their first American LNG supplier. Italy is an important ally and trading partner to the United States, and we are grateful for the trust of Eni as our newest customer. This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution,' said Mike Sabel, CEO of Venture Global.
Eni joins a growing number of world-class LNG customers for CP2 in Europe, Asia and the rest of the world. Accordingly, CP2 is a strategically important project to global energy supply and security.
About Venture Global
Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG) with over 100 MTPA of capacity in production, construction, or development. Venture Global began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in the United States. The company's vertically integrated business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. The company's first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities.
About Eni
Eni is a global energy tech company that aims to produce and sell increasingly decarbonized and customer-oriented energy products and services by the best available technologies and the constant search for cutting-edge solutions. Headquartered in Italy and with operations in over 60 countries, Eni is active across the whole value chain of the energy sector: from hydrocarbon exploration and production, to trading, refining, biorefining, CCS, power generation also from renewable sources, as well as research and development including in game-changing technologies such as fusion energy.
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