Venture Global raises $160m in funding for LNG projects in US

Venture Global LNG has raised $160m in additional private capital to fund the development of its projects in the US.

The financing was raised from institutional investors and brings the total project capital raised by the company to $630m.

Venture Global is currently engaged in the development of its proposed LNG export facilities in Louisiana and will use the proceeds to fund the projects.

The projects include the 10Mtpa Calcasieu Pass facility on the Gulf of Mexico and the 20Mtpa Plaquemines LNG facility on the Mississippi River.

Venture Global LNG co-CEO Mike Sabel said: “Both new and existing investors recognise our quality execution as we continue signing binding 20-year agreements for the purchase of LNG from our Calcasieu Pass and Plaquemines projects.

“Our growing list of world-class partners, which includes Shell, BP, Edison, Galp, and PGNiG, among others, can feel confident in our ability to deliver the lowest cost LNG from North America.”

The company received the Draft Environmental Impact Statement for the Calcasieu Pass project in June and is targeting the commencement of construction next year, according to co-CEO Bob Pender.

Focused on supplying low-cost LNG from North American natural gas basins, Venture Global is using products supplied by GE Oil & Gas, part of Baker Hughes, a GE company (BHGE) for its liquefaction process system.