Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said.
, has asked U.S. regulators to release confidential records that would shed light on the plant's startup.Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. It has pledged to produce 70 million tons of LNG per year once the projects are completed.
However, the plant's on-site power supply facility required extensive repairs that will prevent contract deliveries from the first phase until early 2024, Venture Global LNG has said. "The whole point in signing a contract is there is certainty you're going to have this supply and, in this case, that certainly has not emerged," said Ira Joseph, an LNG expert and fellow at Columbia University's Center on Global Energy Policy.
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