Venture Global, Inc. (NYSE: VG) has announced the signing of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of Malaysia’s state-owned oil and gas giant PETRONAS, marking a significant expansion of their long-term partnership in the liquefied natural gas (LNG) sector.
Under the terms of the agreement, PETRONAS will purchase one million tonnes per annum (MTPA) of LNG from Venture Global’s third export facility, CP2 LNG, located in Cameron Parish, Louisiana.
This new contract builds on an existing arrangement for 1 MTPA from Venture Global’s Plaquemines LNG facility, further cementing PETRONAS’s role as a key customer across Venture Global’s growing US LNG portfolio.
The CP2 LNG project is a cornerstone of Venture Global’s strategy to meet surging global demand for reliable, low-cost LNG.
The facility, currently under construction following final regulatory approvals, is expected to begin delivering LNG in 2027.
With a nameplate capacity of 14.4 MTPA for Phase One, the project has already secured approximately 10.75 MTPA in sales commitments, representing about 75 per cent of its initial output.
PETRONAS joins an international roster of CP2 customers spanning Europe, Asia, and other key markets, highlighting the facility’s strategic importance to global energy security.
Venture Global’s CEO, Mike Sabel, emphasised the significance of the deal, stating that partnerships with sovereign-backed companies like PETRONAS enhance revenue stability and underscore the role of U.S. LNG in diversifying global energy supplies.
The CP2 LNG facility is part of Venture Global’s broader expansion, with the company developing over 100 MTPA of nameplate production capacity and integrating carbon capture and sequestration initiatives at each site.
As Venture Global continues to ramp up its operations, the latest SPA with PETRONAS not only strengthens ties between the US and Malaysia but also reinforces Venture Global’s position as a pivotal supplier in the evolving global LNG landscape.
