PGNiG to increase LNG purchase from Venture Global by 1.5 mtpa

Image courtesy of Venture Global LNG

Poland’s state-owned gas company PGNiG and U.S. LNG export project developer Venture Global LNG have agreed a new purchase of 1.5 mtpa of the chilled fuel.

Venture Global said on Wednesday that, under this agreement, the volume of LNG from the Plaquemines terminal would increase from 1.0 to 2.5 million tonnes per year or from 1.35 to 3.38 bcm of natural gas after regasification.

Deliveries will begin on the commercial operation date, currently expected in 2023. This new amendment raises PGNiG’s total commitment with Venture Global to 4.73 bcm, sourced from Calcasieu Pass and Plaquemines LNG.

Piotr Woźniak, president of the PGNiG management board, stated: “We are increasing our LNG portfolio in terms of volumes, which we will receive from the USA after 2022 – after the expiration of the Yamal contract. Thanks to good relations with our American partners and effective negotiations, we have achieved a highly competitive LNG supply from the Plaquemines terminal.

Contracts with Venture Global LNG projects have been concluded for 20 years in the free-on-board formula which means that from the moment of loading in the liquefaction facility PGNiG controls the LNG onboard including deciding on the cargo’s destination.

Mike Sabel and Bob Pender, co-CEOs of Venture Global, jointly announced: “With Calcasieu Pass already under construction and progressing on schedule, this agreement further demonstrates our ability to offer low-cost LNG from our Plaquemines project to our international partners.

It is worth noting that the Federal Energy Regulatory Commission recently issued a final environmental impact statement for both the Plaquemines LNG facility and the associated Gator Express Pipeline.

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