Shell, BP Call On US-EU Task Force to Intervene in LNG Dispute
- Europe majors say US supplier reneging on long-term contracts
- Venture Global says accusations false, request is outrageous
An LNG tanker makes its way near the site of Venture Global LNGs facility at Cameron Pass in Cameron, Louisiana.
Source: The Washington Post/Getty Images
European oil majors have asked a cross-Atlantic government task force to intervene in a dispute with Venture Global LNG Inc., warning that the US supplier “reneging” on contracts to supply liquefied natural gas threatens Europe’s energy security and undermines the US as a reliable supplier.
In separate letters, Shell Plc and BP Plc accuse Venture Global of “misconduct” for withholding fossil-fuel cargo agreed under long-term contracts and instead opting to sell LNG on the spot market at higher prices. The letters Bloomberg News has seen were sent by the companies in October to an energy-security task force set up by the US and European Union.