Venture Global LNG Acquires Nine LNG Vessels, Deepens Presence in LNG Value Chain
(Reuters) — Venture Global LNG on Sunday said it will acquire a fleet of liquefied natural gas (LNG) vessels.
The nine vessels will be constructed in South Korea and the Arlington-based company said the move will deepen its involvement throughout the LNG value chain.
The first of the vessels are to be delivered starting later this year, the company said.
The move advances "the integration of our business across the entire LNG supply chain," said Venture Global's CEO Mike Sabel.
The move reinforces its plans to become a major LNG exporter and supports the decision to sign a long-term agreement for regasification capacity at Europe’s largest LNG import terminal, Sabel said.
The company has been embroiled in a dispute with its customers over its failure to deliver cargoes because of what it says are electrical problems.
Customers, including BP, Shell, Edison, Repsol, Galp, Unipec and Orlen, have initiated arbitration proceedings against Venture Global and have pressed federal regulators to allow them to see confidential commissioning documents.
Shell on Sunday declined to comment on Venture Global's latest move.
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