US-based Venture Global LNG has taken a final investment decision (FID) to construct the proposed Plaquemines LNG export plant in Louisiana.

The company had closed on the project financing of $13.2bn for the first phase of 13.33 million tonnes per annum (MTPA) and related Gator Express pipeline.

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This decision by the company comes at a time when LNG prices world over have surged due to the increasing demand in Asia and Europe as countries try to cut down their reliance on Russian gas in the wake of Moscow’s military incursion on Ukraine.

Venture Global claimed that it has 20-year agreements to sell LNG, which covers around 80% of the complete 20-MTPA Plaquemines project.

Among the customers signed up to buy LNG from the first 13.33-MTPA phase at Plaquemines include Shell, units of China National Offshore Oil Corp, China Petroleum and Chemical Corp, Polish Oil and Gas and Electricite de France.

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Customers for the second phase include Petronas, New Fortress Energy and units of Exxon Mobil.

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Plaquemines LNG plant would be Venture Global’s third export facility in Louisiana.

Early site work on Plaquemines, which is situated 32km south of New Orleans, started last year.

This is also the company’s first LNG project in the country to reach financial close since its Calcasieu Pass facility in August 2019.

The first delivery of LNG from Calcasieu Pass took place earlier this year.

Venture Global has around 70MTPA of LNG export capacity either in operation, construction or development in Louisiana.

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Image: Plaquemines LNG plant would be Venture Global’s third export facility in Louisiana. Credit: マクフライ 腰抜け from Pixabay