Venture Global plans to start production at its Plaquemines LNG facility in Louisiana imminently, ahead of its IPO, despite facing lawsuits and controversy over past business practices.
Venture Global , the controversial LNG producer, is set to start production at its new facility within days, the Financial Times has reported, citing unnamed sources familiar with the situation. The launch of the Plaquemines LNG plant in Louisiana comes ahead of Venture Global ’s listing, which is expected to be among the largest energy IPO s ever.
The European supermajors did not take this lying down and are suing, along with a handful of other big long-term buyers. The saga could undermine trust in Venture Global from potential future long-term investors, as the supermajors warned at one point in their battle with the LNG producer. And Venture Global will need investors. The Plaquemines project has suffered cost overruns and its final price tag could reach $22 billion, Reuters reported recently, citing Venture Global’s IPO documentation.
LNG Plaquemines Production IPO Lawsuits Europe Winter Cost Overruns Supermajors
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