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Investing.com -- Venture Global Inc. stock climbed 4.6% in post-market trading after the company announced a favorable tribunal decision in its ongoing arbitration proceeding with Shell.
The liquefied natural gas (LNG) developer said the tribunal’s determination reaffirms the company’s position that it has consistently honored its contractual obligations with customers. The dispute centered on allegations from Shell that Venture Global had breached long-term LNG supply contracts related to its Calcasieu Pass facility in Louisiana.
"We are pleased with the tribunal’s determination which reaffirms what Venture Global has maintained from the outset--the plain language in our contracts, mutually agreed upon with all of our customers, is clear," Venture Global stated in its announcement.
The company emphasized the importance of respecting negotiated contracts and the regulatory and legal bodies that govern the industry, suggesting these principles ensure the sector remains "dynamic, fair and competitive."
Venture Global highlighted its approach of incrementally exporting commissioning cargoes during facility construction, which it claims has accelerated LNG market delivery and strengthened global energy security.
The positive ruling appears to have relieved investor concerns about potential contractual liabilities, contributing to the stock’s after-hours gain. The arbitration outcome represents a significant legal victory for Venture Global in what has been a closely watched dispute in the LNG sector.
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