Shell has filed an appeal in New York Supreme Court to overturn its arbitration loss against U.S. liquefied natural gas producer Venture Global, Reuters writes.
The dispute centers on Venture Global’s alleged failure to deliver LNG under long-term contracts while selling cargoes on the spot market during the price surge following the outbreak of the war in Ukraine. Shell claims Venture Global withheld key documents explaining delays in commercial operations at its Calcasieu Pass facility in Louisiana, potentially undermining the arbitration’s integrity.
Venture Global, which has faced similar claims from BP, Edison and Galp, says Shell’s appeal is baseless and that its plant was still in startup mode until full regulatory approval this year.
The case follows BP’s $1 billion arbitration victory and comes amid scrutiny of how U.S. LNG exporters balance contractual obligations with profit opportunities in volatile global markets. Venture Global shares have fallen 67% since going public in January.
