Venture Global Buys LNG Shipping Fleet to Market Fuel Worldwide [BNN Bloomberg (Canada)]
REPSOL SA SP/ADR (REPYY)
NASDAQ:AMEX Investor Relations:
repsol.energy/en/shareholders-and-investors/index.cshtml
Company Research
Source: BNN Bloomberg
Venture Global will become the first American LNG producer to purchase a fleet rather than charter or lease vessels, with the first two ships expected to be delivered this year, founder and Chief Executive Officer Mike Sabel said in an interview. The move opens the door for the company to sell cargoes directly into the spot market without using trading houses or intermediaries, allowing it to boost profits and giving it a fresh edge over competitors. Shell Plc and some of Venture Global's other customers have accused the company of selling highly profitable spot cargoes from its new Louisiana export facility while dodging obligations to contracted buyers. Venture Global maintains it has been in compliance with its contracts. The company will add 50 to 100 people to manage the newly acquired fleet of South Korean-built ships and sell the cargoes, Sabel said. “We're long LNG, and we mostly right now view this as just selling LNG rather than traditional traders, where they buy LNG
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