Shell, BP Pursue Arbitration Claims Against US LNG Exporter

Top LNG traders Shell and BP have separately filed for arbitration against US exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers whens prices soared, four people familiar with the matter said.
A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Last month, the company said it was in full compliance with terms of its long-term contracts and cited a need for extensive commissioning of its modular facility, Uk.news.yahoo.com reported.
Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Prices for liquefied natural gas soared last year on Russia's gas-supply cuts to Europe.
The companies filed their cases at the London Court of International Arbitration. A similar case was brought by Italian utility Edison SpA in May. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA, has asked US regulators to release confidential records that would shed light on the plant's startup.
Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants.