BP to Defend Its Rights to the Fullest in Venture Global LNG Arbitration Case, CEO Says
(Reuters) — BP will defend its rights "to the absolute fullest" in an arbitration case against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, CEO Bernard Looney said on Tuesday.
Oil companies Shell and BP have separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers while prices were soaring.
"You can expect us to defend our legal rights to the absolute fullest," Looney told Reuters in response to a question on the arbitration.
Venture Global's spokesperson Shaylyn Hynes on Tuesday said the LNG exporter is fulfilling the terms of its contracts with customers.
"Venture Global remains in full compliance with our long-term contracts, including with respect to timing," Hynes said.
Shell and BP filed their cases at the London Court of International Arbitration.
A similar case was brought by Italian utility Edison in May, while another Venture Global LNG contract customer, Spanish energy firm Repsol, has asked U.S. regulators to release confidential records that would shed light on the plant's startup.
The contracts were tied to the Calcasieu Pass LNG facility, the first of Venture Global LNG's three planned plants. It stitched together 18 liquefaction units to produce up to 12 million tons per year of supercooled gas.
However, the plant's onsite power supply facility required extensive repairs that will prevent contract deliveries from the first phase until early 2024, Venture Global LNG has said.
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