Venture Global stated in a filing on Tuesday that the remedies sought by the group of energy companies include damages ranging between $6.7 billion and $7.4 billion, rather than the termination of the post-commercial operations date sales purchase agreement.
Venture Global Inc. (VG) expects a decision in one of the arbitration proceedings related to its Calcasieu Project filed by a group of the world’s biggest energy companies against it to be concluded sometime soon.
The company has not revealed which arbitration case is nearing a conclusion and expects the proceedings to be resolved in 2025 and 2026. Retail sentiment on Venture Global remained unchanged in the ‘bullish’ territory, with chatter at ‘high’ levels, according to data from Stocktwits.
Shares of the company were up 6.6% in premarket trading after Venture Global reported second-quarter revenue of $3.1 billion, a 180% jump from a year ago.
According to Bloomberg News, which first reported on the development, the case pertains to the deals Venture Global negotiated to sell fuel from its first export plant, named Calcasieu Pass, in Louisiana.
Venture Global is said to have sold cargoes directly in the spot market when prices were at a record high instead of sending them to customers with long-term contracts when the facility started operating in 2022. The report added that the claims were filed by Shell Plc, Polish utility Orlen SA, BP Plc, Portugal’s Galp Energia SGPS SA, Spain’s Repsol SA, Edison International, and China’s Sinopec.
Venture Global, in a filing on Tuesday, said the remedies sought by these companies include damages ranging between $6.7 billion and $7.4 billion, rather than the termination of the post-commercial operations date (post-COD) sales purchase agreement (SPA).
The company’s stock has gained nearly 19% in the last three months.
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