Venture Global LNG inks $500 million loan with several banks

Venture Global LNG said it has closed a $500 million term loan with several global banks to fund pre-FID construction activities for its Plaquemines LNG project in Louisiana.

The banks include JPMorgan Chase Bank, Morgan Stanley Senior Funding, Mizuho Bank, and Bank of America.

Besides the Plaquemines LNG export project, the US firm will use the funds for general corporate purposes as well, it said in a statement.

The transaction was upsized from $400 million to $500 million based on strong lender interest, Venture Global said.

“We are proud to continue to partner with this group of leading banks, all of whom are lenders to our Calcasieu Pass LNG export facility, as we move towards the launch of full construction on Plaquemines LNG in 2021,” CEO Mike Sabel, said.

Plaquemines LNG will deploy Venture Global’s liquefaction trains 19 through 36, identical to the 18 trains currently being delivered and installed at its Calcasieu Pass project.

The Plaquemines LNG project has previously received all required regulatory approvals.

Venture Global selected KBR as the lead contractor in November last year.

Additionally, the project has binding 20-year offtake agreements with Poland’s PGNiG for 2.5 mtpa and France’s EDF for 1 mtpa capacity.

Moreover, the full project includes 20 mtpa capacity, four tanks and three jetties.

According to Venture Global’s website, the firm plans to launch commercial operations in 2024 but it first needs to take a final investment decision.

Most Popular

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Golar chairman says FLNG industry set for ‘massive’ growth

Golar LNG will continue to expand its fleet of floating LNG production units in an industry set for "massive" growth, according to Golar LNG's chairman, Tor Olav Trøim.

Energy Transfer, Kyushu Electric ink long-term Lake Charles LNG deal

Energy Transfer, the developer of the proposed Lake Charles LNG export facility in Louisiana, has signed a long-term supply deal with Japan's Kyushu Electric Power.

More News Like This

DET’s second Wilhelmshaven FSRU gets commissioning LNG cargo

"We can confirm that Energy Endurance has made the first delivery to the FSRU Excelsior," a DET spokesman told...

Venture Global to start CP2 LNG construction after FERC approval

US LNG exporter Venture Global LNG plans to start construction of its CP2 LNG project in Louisiana "immediately" following approval from the US FERC.

Venture Global urges FERC to reaffirm CP2 LNG approval

US LNG exporter Venture Global LNG has asked the US FERC for expedited approval of its CP2 LNG project in Louisiana.

Venture Global reveals LNG fleet details

US LNG exporter Venture Global LNG has revealed more details regarding its fleet of nine owned and three chartered liquefied natural gas carriers.