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July 28, 2021

PGNiG terminates LNG supply deal with Sempra Energy

The Polish company was to receive approximately two million tonnes of LNG per year starting from 2023.

By Archana Rani

Polish Oil & Gas Company (PGNiG) has terminated an LNG offtake deal with US firm Sempra Energy citing delays in developing the Port Arthur LNG project in Texas, US.

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Under the 20-year deal signed in 2018, Poland’s biggest gas company was to receive around two million tonnes per year (Mtpa) of LNG from the Port Arthur LNG project, effective from 2023.

In May 2021, Sempra deferred the final investment decision on the Port Arthur LNG export plant to 2022 from originally planned 2021.

The Polish company simultaneously agreed to receive the LNG volumes originally contracted at Port Arthur project from other Sempra LNG’s North America projects: Cameron LNG, a 12Mtpa export facility operating in Hackberry, Louisiana; a proposed expansion of Cameron LNG terminal; and an under-construction 3-Mtpa ECA LNG project in Mexico.

Separately, the Polish company signed agreements with the subsidiaries of US-based Venture Global LNG to purchase 2Mtpa of LNG for 20 years.

The deal with Venture Global Calcasieu Pass and Venture Global Plaquemines increases the PGNiG’s contracted LNG volume from Venture Global LNG to 5.5Mtpa.

PGNiG chief commercial officer Paweł Majewski said: “LNG plays a vital role in PGNiG’s strategy. It is a key component of our supply portfolio diversification and the plan to reinforce the energy security of our customers.

“Moreover, based on LNG, we plan to develop our commercial activity in the global trading market. Expanding our cooperation with Venture Global LNG fits in with both of these goals.”

Earlier this year, Venture Global LNG announced plans to capture and sequester carbon at its Calcasieu Pass and Plaquemines LNG export projects.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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