Tribunal Rules Venture Global Breached Galp LNG Deal
An arbitration tribunal found that Venture Global breached its long term supply agreement with Galp. The ruling follows allegations that the company delayed commercial operations to divert cargoes to the spot market.
Xurve View
Insights:
Xurve View
An arbitration tribunal ruled that VENTURE GLOBAL INC-CL A breached its long-term supply agreement with GALP ENERGIA SGPS SA over delayed commercial operations at an LNG project. The ruling addresses allegations that delays allowed the company to divert cargoes to the spot market during periods of high prices. The dispute highlights rising tensions between energy suppliers and long-term buyers across Portugal and other markets.
