![]() Recently, market participants have heard that Venture Global would start servicing long-term contracts for some foundation customers in July and others in the fourth quarter of this year. Some market participants have estimated revenue for the privately held company of as much as $15 billion so far, with profits in the billions after netting out feedgas, pipeline transportation and lifting costs. Revenue would have easily topped $10 billion based on average FOB cargo prices over the past year. The operator had shipped 138 cargoes from Calcasieu Pass as of March 21, S&P Global Commodity Insights trade flow data showed. The boon has made Venture Global a darling among its peers while at the same time irking some of the foundation customers who made Calcasieu Pass possible and believe the margins the operator has earned at the Louisiana facility over the last 12 months should have been theirs. “This $220 million, along with the $635 million of equity capital we have raised to date, allows us to finalize advanced engineering, purchase equipment, and commence construction activities at our Calcasieu Pass facility in the near term, reducing schedule risk for our offtake customers.Receive daily email alerts, subscriber notes & personalize your experience. Venture Global LNG Co-CEOs Mike Sabel and Bob Pender jointly stated: “From the beginning, Morgan Stanley recognized our innovative strategy and exacting execution, and they have been a highly valued long-term partner to our team. Separately, the company announced that it has entered into a $220m bridge loan facility with Morgan Stanley Senior Funding and associated lenders for the project. Venture Global LNG is expected to take formal final investment decision (FID) on the Calcasieu Pass LNG project in 2019. The US Federal Energy Regulatory Commission (FERC) is scheduled to issue the Final Order for the project no later than 22 January 2019. It will utilizes mid-scale, modular, factory-fabricated liquefaction trains as well as a 5×2 711 MW CCGT to support the trains’ electric-drive system.Ĭonstruction on the export facility is anticipated to begin in 2019 following the receipt of all required regulatory approvals. The Calcasieu Pass LNG export facility will feature a process solution from GE Oil & Gas, LLC, part of Baker Hughes, a GE company (BHGE). This partnership supports the continued timely execution of our strategy.” “The Kiewit team brings decades of construction experience, an unparalleled safety record, and on-time, on-budget execution of major infrastructure projects, including the Cove Point LNG export project in Lusby, Maryland. ![]() Venture Global LNG Co-CEO Bob Pender said: “We are thrilled to partner with one of North America’s leading contractors for our Calcasieu Pass project. The Calcasieu Pass project has already signed 20-year offtake agreements with Shell, BP, Edison., Galp, Repsol and PGNiG. The export facility is expected to carry a 10 million tonnes per annum (MTPA). ![]() Under the contract, Kiewit Louisiana will design, engineer, construct, commission, test and guarantee the Calcasieu Pass LNG export facility. Image: Kiewit secures EPC contract for Calcasieu Pass LNG export project. Kiewit has secured a engineering, procurement, and construction (EPC) contract from Venture Global LNG for the Calcasieu Pass LNG export project in Cameron Parish, Louisiana.
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