PGNiG and Venture Global LNG Sign Pact

The agreement defines basic terms and conditions of a 20-year contract for the sales and purchase of two million tonnes per annum (Mtpa) of LNG, which equals about 2.7 bcm following regasification. 

Cargoes will be supplied from Calcasieu Pass and Plaquemines LNG export facilities which are expected to be completed in 2022 and 2023 respectively. Both terminals will be located by the Gulf of Mexico in Louisiana. The documents were signed during the currently held World Gas Conference in Washington, DC.

Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly announced: "We are honored to be partnering with PGNiG of Poland, one of Central Europe's leading utilities and suppliers of energy, as it secures the long-term supply of LNG. PGNiG will be joining our existing global partners Shell, Edison SpA, Galp and BP in our Calcasieu Pass project and become one of our foundation partners for Plaquemines LNG."

Piotr Woźniak, CEO and President of the Management Board at PGNiG, announced: "With satisfaction we look forward to commencing long-term cooperation with our new partner Venture Global LNG. This is an important step for PGNiG in developing our activities on LNG market. Purchasing of liquefied natural gas in the USA will not only allow further diversification of our import portfolio following 2022, but will also let us develop our trading competences and will enable PGNiG's presence as a global LNG market player."

Deliveries may be subject to further trading on international markets and will be supplied on a free-on-board basis (FOB - the purchaser is responsible for transport of cargo from a loading port).