Venture Global LNG made an investment decision regarding the Plaquemines terminal

Venture Global Plaquemines LNG has made the final investment decision regarding the construction of the Plaquemines condensing terminal, Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) reported. PGNiG will receive liquefied natural gas from this terminal from 2026.

"The first commercial deliveries of liquefied natural gas (LNG), under the long-term contract of September 28, 2018, including subsequent annexes, concluded by PGNiG with Venture Global Plaquemines LNG, LLC., Coming from the Plaquemines terminal, are expected in 2026. The volume of LNG supplies under the contract will amount to 4 million tonnes of LNG per year, i.e. approximately 5.4 billion m3 of natural gas after regasification per year. The deliveries will be carried out for 20 years, ”reads the release.

The total volume of LNG supplies from Venture Global Plaquemines LNG, LLC and Venture Global Calcasieu Pass, LLC will amount to 5.5 million tonnes of LNG per year, which corresponds to a total volume of approximately 7.4 billion m3 of natural gas after regasification. Deliveries will be carried out in the free-on-board formula, meaning receipt of the goods by the buyer at the port of loading.

PGNiG's contracts with Venture Global LNG were concluded in September 2018 for 20 years in the FOB (Free-on-Board) formula. This means that from the moment of loading at the condensing terminal, the buyer, i.e. in this case PGNiG, has the LNG cargo and can decide on its destination port - send it to Poland or resell it on the global market.

PGNiG has been listed on the Warsaw Stock Exchange since 2005. The Group deals with the extraction of natural gas and crude oil in the country, the import of natural gas to Poland, gas storage in underground gas storage facilities, distribution of gas fuels, as well as the development of natural gas and crude oil deposits in the country and abroad as well as the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated sales revenues of the company reached PLN 69,964 million in 2021.

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