Venture Global Chutzpah – Floats an IPO While Shafting Customers

Venture Global has some nerve. In August, we told you that most of Venture Global’s contracted customers for LNG from the company’s Calcasieu Pass LNG export facility in southwestern Louisiana’s Cameron Parish had filed for arbitration over Venture Global’s refusal to sell them cargoes under contract (see Shell, Edison, BP File for Arbitration Against Venture Global LNG). Instead, Venture Global is selling its cargoes on the open “spot” market at higher prices, violating its agreement with its customers. And yet, the company is building a second LNG export facility, Plaquemines LNG, and is now floating an initial public offering (IPO), hoping to raise a staggering $3 billion! Who in their right mind would give a company that screws its contracted customers a single penny!

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