Venture Global LNG seals deal for nine resales in South Korea

American gas supplier Venture Global LNG has moved into shipowning, announcing over the weekend a total of nine resales. 

The Mike Sabel-led company has bought nine ships under construction in South Korea, that will be delivered starting later this year. Six vessels will have a cargo capacity of 174,000 cu m and three a cargo capacity of 200,000 cu m. The identity of the seller and prices have not been revealed. 

“This investment builds on our recent execution of a long-term terminal use agreement for regasification capacity at Europe’s largest LNG import terminal, further advancing the integration of our business across the entire LNG supply chain; from natural gas transmission, to liquefaction and export, to best-in-class LNG cargo ships and regasification capacity,” said Sabel, the firm’s CEO.

Venture Global’s first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company’s second facility, Plaquemines LNG, is under construction and expected to produce first LNG later this year.