Shell Drags Venture Global To New York Supreme Court Over Disputed LNG Contracts

Benzinga

Shell is appealing an arbitration loss tied to Venture Global’s alleged failure to deliver LNG under long-term contracts. The dispute centers on the Calcasieu Pass facility and has drawn in multiple buyers, even as Shell beat profit estimates in Q3.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Shell PLC filed an appeal in the New York Supreme Court challenging its arbitration loss to Venture

00:07Global, claiming the LNG exporter concealed key information from both Shell and the arbitration

00:12panel, according to Reuters. The dispute stems from Venture Global's alleged failure to supply

00:18liquefied natural gas under long-term contracts beginning in 2023. The Calcasio Pass facility

00:24has been at the center of ongoing tension between Venture Global and buyers like Shell,

00:30BP, and Edison International over undelivered cargoes. The International Chamber of Commerce

00:35recently issued a partial award in a related arbitration involving BP gas marketing.

00:41Shell reported third quarter adjusted earnings of $1.86 per share, beating expectations,

00:47while revenue missed forecasts at $68.15 billion.

00:51Shares were trading lower by 0.34% in pre-market trading on Tuesday.

00:57For all things money, visit Benzinga.com.

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