LNG supply for Petronas to come from Venture Global’s third facility, CP2 LNG
Venture Global has reached a second 1M tonnes per annum (mta) LNG supply deal with Malaysian national oil major Petronas.
The new 20-year sales and purchase agreement (SPA), with a subsidiary of Petronas states Petronas will purchase 1 mta of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years.
Venture Global said the deal builds upon Venture Global’s existing agreement with Petronas for 1 mta of LNG supply from its Plaquemines LNG facility.
With the deal, Venture Global said Petronas “joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project to global energy supply and security”.
To date, approximately 10.75 mta of the 14.40 mta nameplate capacity for CP2’s Phase One development has been sold.
New funding round closed for Plaquemines LNG
Venture Global LNG subsidiary Venture Global Plaquemines LNG has closed an offering of US$4.0Bn in senior secured notes to fund further development of its LNG liquefaction and export facility in Plaquemines Parish, Louisiana, approximately 32 km south of New Orleans.
The funds for the project were issued in two rounds. The first series of 6.50% senior secured notes comes due for repayent in 2034 in an aggregate principal amount of US$2.0Bn. The second series of 6.75% senior secured notes comes due for repayment in 2036 in an aggregate principal amount of US$2.0Bn. The 2034 Notes will mature on 15 January 2034 and the 2036 Notes will mature on 15 January 2036, according to Venture Global LNG.
In April 2025, Venture Global Plaquemines LNG closed an initial offering of US$2.5Bn in senior secured notes to fund further development.
Plaquemines LNG now has US$6.5Bn in senior secured notes out on its Plaquemines LNG facility sincethe plant’s commercial start-up, also in April 2025.
Venture Global said its subsidiary intends to use the net proceeds from the offering to “prepay certain amounts outstanding under VGPL’s existing senior secured first lien credit facilities and pay fees and expenses in connection with the offering”.
Once complete, Plaquemines LNG is expected to have an export capacity of at least 20 mta.
In January 2025, following an initial target of US$110.0Bn and share price range of US$40 and US$46 in its IPO, Venture Global lowered the price per share and increased the number of shares, while still aiming to raise up to US$1.9Bn in its initial public offering. Ultimately, the company raised US$1.8Bn, falling short of its goal.
