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    GALP   PTGAL0AM0009

GALP ENERGIA, SGPS, S.A.

(GALP)
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Venture Global to spend over $10 bln on fourth Louisiana LNG plant

12/02/2021 | 04:52pm EST

Dec 2 (Reuters) - U.S. liquefied natural gas (LNG) company Venture Global LNG said on Thursday that it will invest more than $10 billion to develop a fourth LNG export facility in Louisiana.

The proposed CP2 facility will be located adjacent to its Calcasieu Pass LNG export plant, which is under construction and could produce first LNG in test mode later this year. Analysts have estimated Calcasieu Pass cost about $4.5 billion.

“These two projects (Calcasieu and CP2), combined with our Plaquemines LNG facility now under construction, represent more than $20 billion of investment in the State of Louisiana," Venture Global Chief Executive Mike Sabel said in a statement.

Louisiana Governor John Bel Edwards said in the release that "The CP2 facility in Cameron (Parish) will create more than 1,000 new permanent jobs and thousands of construction jobs in the area, which will have a significant impact on our economy."

The CP2 project is designed to produce about 20 million tonnes per annum (MTPA) of LNG and will incorporate technology to reduce the amount of carbon dioxide released into the atmosphere.

"As Louisiana pursues a goal of net-zero emissions by 2050, projects that feature carbon capture and sequestration allow our state to sustain industry without sacrificing our long-term carbon-reduction goals," Edwards said.

In total, Venture Global has about 70 MTPA of LNG export capacity under construction or development in Louisiana, including the 10-MTPA Calcasieu Pass, 20-MTPA Plaquemines, 20-MTPA Delta and the 20-MTPA CP2.

Venture Global has entered long-term agreements to sell LNG to units of several companies around the world, including China Petroleum and Chemical Corp (Sinopec), Royal Dutch Shell PLC, BP PLC, Edison SpA, Galp Energia SGPS SA, Repsol SA and Polish Oil and Gas Co (PGNiG).

(Reporting by Scott DiSavino Editing by Marguerita Choy)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 4.23% 379.5 Delayed Quote.10.17%
EDISON S.P.A. 0.00% 1.505 Delayed Quote.1.69%
GALP ENERGIA, SGPS, S.A. 4.47% 9.678 Real-time Quote.8.73%
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Financials
Sales 2021 16 218 M 18 323 M 18 323 M
Net income 2021 510 M 576 M 576 M
Net Debt 2021 3 085 M 3 485 M 3 485 M
P/E ratio 2021 15,8x
Yield 2021 6,07%
Capitalization 8 025 M 9 053 M 9 067 M
EV / Sales 2021 0,69x
EV / Sales 2022 0,58x
Nbr of Employees 6 114
Free-Float 52,2%
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Technical analysis trends GALP ENERGIA, SGPS, S.A.
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 9,68 €
Average target price 11,85 €
Spread / Average Target 22,4%
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Managers and Directors
Andrew Brown Vice Chairman & Chief Executive Officer
Filipe Crisóstomo Silva Chief Financial Officer & Executive Director
Paula Fernanda Ramos Amorim Chairman
Luís Manuel Pego Todo Bom Independent Non-Executive Director
Miguel José Pereira Athayde Marques Vice Chairman
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