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Investing.com -- Venture Global, Inc. (NYSE:VG) stock rose 4.7% today after the company announced a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of Malaysian state-owned oil and gas company PETRONAS.
Under the agreement, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas from Venture Global’s CP2 LNG facility, the company’s third LNG project. This new deal builds on an existing agreement where PETRONAS already committed to purchase 1 MTPA from Venture Global’s Plaquemines LNG facility.
The new contract represents a significant expansion of Venture Global’s relationship with the Malaysian energy giant, which the company described as a "world-class partner in the LNG industry." PETRONAS joins other customers from Europe, Asia, and other global regions in securing supply from the CP2 project.
With this latest agreement, Venture Global has now sold approximately 10.75 MTPA of the 14.4 MTPA nameplate capacity for Phase One of the CP2 facility, representing about 75% of the project’s initial capacity.
The deal highlights growing global demand for U.S. LNG exports as countries worldwide seek to diversify energy supplies and enhance energy security.
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