Venture Global Buys LNG Shipping Fleet to Sell Fuel Directly
- Venture to receive its first LNG vessels starting in 2024
- Company is set to become one of biggest US LNG exporters
Mike Sabel, co-chairman and chief executive officer of Venture Global LNG Inc., in 2022.
Photographer: F. Carter Smith/BloombergVenture Global LNG Inc., the US liquefied natural gas exporter embroiled in a dispute with several of its customers, is acquiring nine LNG carriers and expanding its sales operations to market their cargoes.
Venture Global will become the first American LNG producer to purchase a fleet rather than charter or lease vessels, with the first two ships expected to be delivered this year, founder and Chief Executive Officer Mike Sabel said in an interview. The move opens the door for the company to sell cargoes directly into the spot market without using trading houses or intermediaries, allowing it to boost profits and giving it a fresh edge over competitors.