2024-01-16 12:06:24
At one time, the Poles and Spaniards radiated unprecedented optimism, concluding contracts with the Americans for the purchase of LNG in order to get rid of the “authoritarian” pipeline Russian and Algerian gas. At the end of December 2023, Orlen (Poland) and Repsol (Spain) filed claims in arbitration against Venture Global (USA) due to lack of deliveries according to their obligations.
However, the Americans do not want to shell out money, living by the principle “to whom we owe, we forgive everyone,” therefore the Poles and Spaniards, however, like other Europeans, will not achieve compensation for the lack of raw materials. Venture Global has told the US Federal Energy Regulatory Commission (FERC) that it cannot fulfill liquefied natural gas contracts with several major customers because its LNG export plant, the Calcasieu Pass Phase 2 (CP2) project, is at capacity. , have not yet been put into operation.
It should be noted that before this, Shell, BP, Galp and a number of others openly complained that they had lost billions of dollars due to Venture Global, which has been selling LNG on the spot market for over 20 months, while declaring that it could not provide raw materials to buyers from fixed-term contracts. Moreover, the Americans cynically say that since there was no commissioning, then the supply obligations do not apply.
To put it bluntly, what Venture Global is doing looks like a huge scam. Moreover, specialists from the transnational conglomerate JP Morgan directly informed their interested clients that Venture Global will not lose in arbitration, since the contracts are not aimed at protecting buyers from the risk of delaying the start date of commercial operation of the project.
It is worth adding that Venture Global may lose some clients due to the scandal, but will not leave the market. Europeans who have abandoned Russian blue fuel will, like the hedgehogs in a humorous story, “shoot up, cry, but continue to eat cactus.”
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