Venture Global and Sinopec Announce Historic LNG Sales and Purchase Agreements
PR92856
ARLINGTON, Va., Nov. 4, 2021 /PRNewswire=KYODO JBN/ --
-- Venture Global set to become America's top LNG exporter to China
Today, Venture Global LNG and China Petroleum & Chemical Corp. (Sinopec)
announced the signing of two 20-year Sales and Purchase Agreements (SPA) for
the supply of a total of 4 million tonnes per annum (MTPA) of LNG from Venture
Global's Plaquemines LNG export facility, in Plaquemines Parish Louisiana. In
addition, UNIPEC, a Sinopec subsidiary has agreed to purchase 3.5 million
tonnes (MT) of LNG from Venture Global's Calcasieu Pass LNG facility for a
shorter duration. This represents the largest single LNG supply deal ever
signed by a US company and will double imports of US LNG to China.
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"Venture Global is proud to enter into this new and exciting long-term
partnership with Sinopec, and soon become the largest US LNG exporter to
China," said Mike Sabel, Chief Executive Officer of Venture Global LNG.
"Today's announcement will accelerate our combined efforts to lower carbon
emissions and provide a low-cost, reliable and secure energy supply to China.
From day one, Venture Global has been on a mission to drive fuel switching
around the world from coal to natural gas, and we are thrilled to equip Sinopec
with a large supply of US LNG to do that and assist China in its energy
transition."
"Sinopec has been pursuing low-carbon, green, safe, responsible and sustainable
development, seeking high quality growth of its natural gas business," said Ma
Yongsheng, President of Sinopec Corp. "We are committed to building capacity in
providing clean energy and meeting peoples aspiration for better life. The
signing of this LNG SPA reflects the shared mission of Sinopec and Venture
Global in promoting the global energy transition and is of significance in
achieving carbon emission peak and neutrality goals."
to view a video of speech and signing ceremony.
About Venture Global LNG
Venture Global is a long-term, low-cost provider of U.S. LNG to be sourced from
resource rich North American natural gas basins. Venture Global is currently
constructing or developing multiple export facilities in Louisiana to provide
clean, affordable energy to the world.
About Sinopec
China Petroleum & Chemical Corporation (hereinafter referred to as "Sinopec
Corp.") is a listed company on Chinese and international stock exchanges with
integrated upstream, midstream and downstream operations along the oil and gas
business value chain. Its controlling shareholder, China Petrochemical
Corporation ("Sinopec Group") is the world's largest oil refiner and second
largest chemical company and has been among the top 5 the Fortune 500 Company
over the past years. Through its 30,000 gas stations, Sinopec reaches to 20
million customers every day.
SOURCE: Venture Global LNG
CONTACT: Venture Global investor contact: Leah Woodward, D: +1 202 759-6746,
lwoodward@vglng.com; Venture Global media contact: Shaylyn Hynes, D: +1 202
920-0964, shynes@vglng.com
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