Venture Global takes FID on $13.2 billion Plaquemines LNG export project

US firm Venture Global LNG said it has taken a final investment decision for the first phase of its Plaquemines LNG export plant and the related pipeline in Louisiana. The company also secured $13.2 billion in project financing.

Venture Global said in a statement on Wednesday that this transaction represents the largest project financing in the world closed to date in 2022.

Also, this is the first LNG project located in the US to reach financial close since Venture Global’s Calcasieu Pass facility in August 2019, it said.

The proceeds of the debt and equity financing fully fund the balance of construction and commissioning of the initial phase.

Vetnure Global said the lender group for the company’s construction financing includes the world’s leading banks, spanning multiple continents.

Some of the lenders are Bank of America, Bank of China, Deutsche Bank, ING Capital, JPMorgan Chase Bank, Royal Bank of Canada, and Sumitomo Mitsui Banking.

Upsized project

Venture Global also boosted the size of the initial phase of the project to 13.33 mtpa.

It previously said the first phase would have 10 mtpa capacity, while the second phase would have 20 mtpa capacity.

The company has executed 20-year sales and purchase agreements (SPAs) for 80 percent of the full 20 mtpa project.

Plaquemines LNG phase one customers include PGNiG, Sinopec, CNOOC, Shell, and EDF.

As per the second phase, customers announced to date include ExxonMobil, Petronas, and New Fortress Energy.

Venture Global is also working on the company’s third facility, CP2, and it has signed two SPAs with ExxonMobil and New Fortress Energy for this project. The 20 mtpa CP2 LNG facility will be located in Cameron Parish, Louisiana.

First LNG in 2024

Venture Global did not provide the timeline for the Plaquemines LNG project in the newest statement, but it previously said that it would launch the first phase in 2024.

The project’s main contractors are KBR and Zachry.

Chart secured orders for both of the phases from Baker Hughes to provide cold boxes and brazed aluminum heat exchangers. Honeywell will also provide its tech to the project.

Plaquemines LNG will deploy Venture Global’s liquefaction trains identical to the units at its Calcasieu Pass project.

The full facility will have up to thirty-six 0.626 mtpa liquefaction trains, configured in eighteen blocks.

“The Venture Global team is proud to announce FID on our second project, Plaquemines LNG, just months after exports began at Calcasieu Pass. I want to thank our team for their tireless efforts to support this remarkable achievement,” Mike Sabel, CEO of Venture Global LNG, said.

He said Plaquemines LNG would build on the success of Calcasieu Pass, which broke global records for speed and execution.

Sabel said the project had attracted “robust financial and commercial support” which enabled the firm to formally sanction this project at a “critical moment” for energy markets.

“Speed matters more than ever and Venture Global is uniquely positioned to quickly bring US LNG to the market to support global energy security and environmental progress,” Sabel said.

Most Popular

Venture Global’s Plaquemines LNG seals new gas supply deal

Venture Global LNG’s Plaquemines LNG has signed a new natural gas sale and purchase deal with gas marketer Tenaska Marketing Ventures, according to a DOE filing.

TotalEnergies working on Mozambique LNG restart, CEO says

France's TotalEnergies and its partners in the giant Mozambique LNG project are still working with the Mozambique government on restarting construction on the 12.8 mtpa project, according to Patrick Pouyanne, CEO of TotalEnergies.

Yangzijiang wraps up roof raising on two LNG storage tanks

Chinese private shipyard Yangzijiang Shipbuilding has completed raising the roofs on two LNG storage tanks at its Yangzi Jiasheng terminal.

More News Like This

Venture Global’s Plaquemines LNG seals new gas supply deal

Venture Global LNG’s Plaquemines LNG has signed a new natural gas sale and purchase deal with gas marketer Tenaska Marketing Ventures, according to a DOE filing.

IEA: global LNG trade up 4 percent in H1

Global LNG trade growth accelerated to 4 percent (12 bcm) in the first half of 2025, with exporters adding about 60 percent more LNG supply to the market than was added in the whole of 2024, according to a new report by the International Energy Agency.

Venture Global to introduce gas to 14th Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the fourteenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

Venture Global, Eni ink 20-year CP2 LNG supply deal

US LNG exporter Venture Global LNG has signed a 20-year LNG supply contract with Italian energy firm Eni for volumes from the CP2 project in Louisiana.