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Investing.com -- Shares of Venture Global Inc . (NYSE:VG) surged 17.1% following the announcement that the company has begun full mobilization and site work at its third LNG export facility, CP2 LNG. The project’s advancement comes after receiving the necessary final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC), as well as the non-FTA export authorization from the U.S. Department of Energy.
Venture Global’s CEO, Mike Sabel, expressed enthusiasm for the project’s progress, citing the support for U.S. energy initiatives like CP2 LNG that contribute to both international relations and domestic job creation. The commencement of on-site work in Cameron Parish, Louisiana, marks a significant step for Venture Global, positioning it to potentially become the largest LNG exporter in the United States and the second largest globally.
The CP2 LNG project is not only expected to enhance the supply of low-cost LNG to the global market starting in 2027 but also to generate approximately 3,000 new jobs in Louisiana, with 400 direct, permanent roles. The operation is anticipated to contribute over $4 billion in local property taxes and, at its peak construction phase, employ around 7,500 direct construction workers. Additionally, the project will support a multitude of indirect jobs across over 30 states.
Venture Global’s strategy of modularizing LNG facility construction, labeled "design one, build many," has allowed CP2 to advance significantly in engineering, procurement, and contracting. With substantial off-site work on modules and equipment already underway, CP2 stands as one of the most developed LNG export projects in the United States. Upon completion, it is expected to solidify Venture Global’s position as a leading exporter of U.S. LNG.
The stock movement reflects the market’s positive response to the project’s progress and its implications for the company’s growth and contribution to the energy sector. As Venture Global continues to build on its achievements and rapid expansion, investors are closely watching the company’s trajectory in the competitive LNG market.
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