ARLINGTON, Va., April 28, 2023/PRNewswire/ -- Venture Global LNG today announced the execution of a long-term Purchase and Sale Agreement (SPA) with JERA Co., Inc. for the sale of 1 million tons per year (MTPA) of liquefied natural gas (LNG) from CP2 LNG for 20 years. CP2 LNG is Venture Global's third project and construction is expected to begin later this year. To date, the company has announced SPAs for more than a third of the nominal 20 MTPA facility with active discussions underway for the remainder of its capacity. This agreement follows JERA Global Markets' purchase of the inaugural commissioning cargo of LNG exported from Venture Global's first project, Calcasieu Pass.
"Venture Global is delighted to expand our partnership with JERA, one of the world's leading energy providers and largest buyer of LNG," said Mike Sabel, CEO of Venture Global LNG. "Japan has taken a pragmatic approach to ensuring its energy security while advancing environmental progress. We are honored to supply our growing customer base in Japan with a clean and reliable source of lower carbon energy and look forward to supporting JERA in their efforts to bring LNG to the region for many years to come."
"LNG procurement competition has intensified, and therefore stable LNG procurement is needed in a timely manner according to the domestic electricity supply and demand situation to ensure stable power supply in Japan. This is an FOB non-destination contract, which allows JERA to secure LNG in a highly flexible manner and is expected to help with our ability to respond to volatility in domestic electricity supply and demand," said Sunao Nakamura, senior executive director of JERA optimization.
About Venture Global LNG
Venture Global is a long-term, low-cost supplier of US LNG from resource-rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, began producing its first LNG in January 2022. The company is also building or developing an additional 60 MTPA production capacity in Louisiana to provide affordable clean energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities.
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