Kenya President Bends to Pressure, Scraps $2.
“We just grind through it,” Sabel said in an interview at the company’s massive $21 billion LNG plant that’s in the final stages of construction in Louisiana, its second such facility. “We look up and often we’re very surprised by the progress.” For nearly half a century, the process of building terminals to export gas went largely unchanged: state-owned energy firms or big oil companies took on the financial risk to construct huge plants that lower the temperature of the fuel to -260F , which liquefies it so it can be loaded onto tankers and shipped abroad.
“There is this fictional story about this boy in Texas that started with marbles and incrementally traded up to a used pickup truck,” said Sabel, who became Venture Global’s chief executive officer in 2020 after previously sharing the role with soft-spoken Pender. “That’s what we did.” In January, as environmentalists ratcheted up their campaign against LNG and Biden pushed to burnish his climate credentials with young voters, the administration announced it was suspending the approval of new licenses to export LNG. Venture Global — which is headquartered less than three miles from the White House in Arlington, Virginia — had become the center of a pitched political battle.
Even if the permitting suspension derails CP2 — a worse-case outcome that Sabel says he isn’t expecting — the White House’s order won’t be able to ding profitability at Plaquemines or Calcasieu Pass. Unhappy customers might. Not all customers agree. “‘Fast to build and indeterminate commissioning’ is not a slogan that would have attracted our business,” said Curtis Smith, a spokesperson for Shell in North America. “Deciding not to honor the very contracts that put them in business is not disruption. It’s deceit.”
Still, multiple arbitration cases with several of the world’s biggest oil companies isn’t good for business. It’s been a year since Venture Global has signed a new, binding long-term contract. Anatol Feygin, chief commercial officer of rival Cheniere, says global buyers have started to incorporate terms to their contracts to prevent the kind of public dispute that’s taken place at Calcasieu Pass.
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