Venture Global LNG to Supply U.S. Natural Gas to Poland

SEATTLE (Oil Monster): Venture Global LNG has signed two 20-year contracts to provide U.S. liquefied natural gas to the state-run Polish Oil and Gas Co.

The Virginia-based LNG company is building two export terminals in Louisiana. Its Calcasieu Pass facility is expected to begin operations in 2022, and its Plaquemines facility is expected to follow in 2023.

Under the agreements, each of the facilities will supply the Polish company with 1 million metric tons of LNG a year. The total supply is equivalent to roughly 25 cargoes, depending on the size of the ship.

Maciej Woźniak, vice president of the Polish company's management board for trade, said in a statement that the deal marks Central Europe's first long-term contracts for the purchase of U.S. LNG.

The deal comes as Europe looks to import more natural gas to help shift its power generation away from coal. U.S. officials have recently called for domestic LNG producers to ramp up exports to the continent, long reliant on Russian natural gas transported via pipeline.

Venture Global last month signed a 20-year contract with Spanish energy company Repsol, which agreed to buy 1 million metric tons of LNG a year. The Calcasieu Pass facility will supply the LNG once it is operational.

 Courtesy: www.houstonchronicle.com