Update: Venture Global announces $18-B expansion of Plaquemines LNG plant
Venture Global said on Thursday it would expand the total production capacity of its Plaquemines LNG plant in Louisiana to 45 metric MMtpy, up from the current 27 metric MMtpy, with an additional investment of $18 B.
The company, which became one of the most valuable U.S. LNG companies when it listed in January, had earlier in the day raised its estimates for the cost to build the initial phases of Plaquemines by around $2 B.
The new third phase of expansion will consist of 24 trains, adding to the current 36 trains at the LNG plant, and will bring Venture Global's total investment in both current and planned projects in Louisiana to over $75 B, CEO Mike Sable said.
The company expects a final investment decision (FID) on the expansion to come after the first production at its CP2 export plant in Louisiana.
The company is locked in contract disputes with customers such as bp, Shell and Edison over non-receipt of cargoes from its Calcasieu Pass due to lengthy testing and optimizing process before commercial operation.
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