Energy
Venture Global Suffers Defeat in BP’s LNG Arbitration
A liquefied natural gas carrier is seen at the Venture Global Calcasieu Pass LNG export terminal in Cameron, Louisiana.
Photographer: Francois Picard/AFP/Getty ImagesVenture Global Inc. lost a dispute with BP Plc involving the sale of liquefied natural gas cargoes, a surprise defeat that comes eight weeks after the US LNG exporter prevailed in a similar fight with Shell Plc.
An arbitration tribunal ruled in favor of BP’s objection to Venture Global’s sale of LNG cargoes from a Louisiana facility on the spot market rather than to customers with long-term contracts, according to a filing Thursday. BP is seeking more than $1 billion in damages, the filing said.