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Venture Global, Poland agree on delivery terms for 20-year LNG supply deal

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Venture Global, Poland agree on delivery terms for 20-year LNG supply deal

Poland's Polish Oil and Gas Co., or PGNiG, agreed on terms for the delivery of 2 million tonnes per annum of LNG from Venture Global LNG subsidiaries under 20-year terms.

PGNiG would purchase 1 mtpa of LNG each from Venture Global Calcasieu Pass LLC and Venture Global Plaquemines LNG LLC on a free-on-board basis, according to an Oct. 17 news release. The supply would come from Venture Global's planned Calcasieu Pass and Plaquemines LNG export facilities by the Gulf of Mexico in Louisiana.

The 20-year term for the Calcasieu Pass contract would begin on the facility's scheduled commercial operation date of 2022, while the other contract with Plaquemines would start in 2023. Venture Global entered into a sales and purchase agreement with PGNiG in June during the World Gas Conference in Washington, D.C.

The Louisiana-based LNG developer Venture Global has signed several long-term agreements with capacity buyers in recent months as it moves closer to its target construction start on Calcasieu Pass in 2019. Calcasieu Pass is designed to have an LNG production capacity of 10 mtpa, while Plaquemines would be capable of producing 20 mtpa of LNG.