Venture Global sanctions second phase of Plaquemines LNG project

Venture Global 's Plaquemines LNG (Courtesy Venture Global)

Venture Global LNG Inc. said Monday that it would go forward with the second phase of its Plaquemines export terminal under development in Louisiana after securing $7.8 billion in financing, reports Natural Gas Intelligence.

The final investment decision (FID) comes less than 10 months after the first phase was sanctioned. All together, Venture Global said it would invest $21 billion in the 20 million metric tons/year (mmty) liquefied natural gas terminal. The company added that it was the largest project financing ever done in the space.

Plaquemines has all the permits it needs, including approval from the Federal Energy Regulatory Commission and export authorization from the U.S. Department of Energy. The company said Monday it also has issued a full notice to proceed with construction of the second phase of the terminal.

The project lending group includes the world’s leading banks. Venture Global said proceeds of the debt and equity financing would fully fund construction and commissioning of Plaquemines. The facility is expected to enter service sometime around 2025. Read the entire story.