Venture Global Inc. (NYSE: VG) said it has signed a liquefied natural gas supply agreement with China Gas Holdings Limited (0384.HK), adding 0.5 million tonnes per annum of LNG under a 20-year contract.
The deal marks the latest expansion of the relationship between the two companies. Including this agreement, total long-term offtake across Venture Global’s portfolio now stands at 2.5 million tonnes per annum under 20-year agreements with China Gas.
Under the new arrangement, Venture Global will supply LNG from its facilities in Louisiana. The contract is scheduled to commence in 2030.
Mike Sabel, CEO of Venture Global, said the company is "pleased to expand our LNG partnership with China Gas, a leading natural gas operator in China, supplying the country's growing energy needs with reliable, low-cost American LNG from across our Louisiana projects."
Liu Ming Hui, chairman and president of China Gas, said the agreement "further strengthens our portfolio and reinforces our commitment to establishing an international energy trading platform that connects high-quality global resources with rising energy demand worldwide."
China Gas operates as a natural gas supplier and service provider in China, constructing and operating gas pipelines, terminals, and storage facilities, and delivering natural gas and liquefied petroleum gas to residential, industrial, and commercial users.
Venture Global began producing LNG from its first facility in Louisiana in 2022. The company currently has more than 100 million tonnes per annum of capacity across projects in production, construction, or development.
