The Nation Newspaper LNG supply: Shell tables claims against Venture Global, NLNG faces arbitration hurdles
PLC has made claims against Venture Global LNG , a United States-based LNG exporter, for its breach of contract to supply LNG cargoes.
While Shell Plc filed its claim with U.S. regulators, the NLNG breach, has now been advanced to the UK High courts for further litigation. Shell and other European companies say they contracted with Venture Global LNG but did not get their gas cargoes under long-term contracts. The cargoes, which were due for delivery between October 2020 and October 2021,, have not been delivered.
“ The reason for this surge in disputes maybe related to the unexpected turn in losses to highly profitable margins, as high as $90 million per cargo, at the beginning of the Russian Ukraine conflict, post COVID market recovery and a huge demand in Asia and European markets, it is seen as a golden Era for LNG cargoes.
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