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New Fortress Energy (NFE) Closes Long-Term (20 Years) Sale and Purchase Agreements with Venture Global

Wednesday, March 16, 2022 10:56 AM | Carl Pettit
New Fortress Energy (NFE) Closes Long-Term (20 Years) Sale and Purchase Agreements with Venture Global

Today, Mar. 16, New Fortress Energy Inc. (NFE) announced that it has finalized its two 20-year sale and purchase agreements with Venture Global LNG. NFE stock was trading 2.05% higher this morning.

Venture Global Deal

Venture Global is a long-term, low-cost producer of liquified natural gas in North America. The deal with New Fortress Energy will see Venture Global supply two million tons per annum of liquified natural gas (LNG) “on a free on board (FOB) basis from its LNG facilities in Louisiana.” The deal includes two 20-year sale and purchase agreements overall.

NFE will purchase one MTPA (million tons per annum) of LNG from Venture Global’s Plaquemines LNG export facility in Plaquemines Parish, Louisiana — for a term of 20 years — as part of the first agreement.

CEO Comments: Natural Gas Markets

“We are pleased to partner with Venture Global as we advance our mission of providing customers around the world with access to low-carbon natural gas and affordable electricity,” NFE CEO Wes Edens said in a press release. “These volumes support our plan to expand and diversify our stable natural gas supply portfolio to meet the growing needs of our customers in a structurally short global natural gas market.”

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