Venture Global moves ahead to build LNG export plant

Venture Global LNG has arranged $13.2 billion of financing to build a second liquefied natural gas export terminal on the Gulf Coast in the US.

Bank of America, Goldman Sachs, ING, JP Morgan, Mizuho, Morgan Stanley and RBC served as lead banks to Venture Global on the transaction.

The final investment decision comes as US natural gas prices are surging above $9 per million British thermal units for the first time since 2008 and concerns about a supply crunch are intensifying.

The project is getting a boost from European customers that are competing with established Asian LNG buyers as they try to replace supplies from Russia. The plant expected to produce first drops in 2024.