Venture Global announced major expansion plans for a liquefied natural gas export terminal in Louisiana on Thursday — the same day the company’s share price plunged 36 percent.
Mike Sabel, CEO of Virginia-based Venture Global, said the third phase of the Plaquemines LNG terminal would consist of 24 new liquefaction units. The site’s production capacity would climb to over 45 million metric tons per year, compared with about 27 million per year now.
The facility, located roughly 20 miles south of New Orleans, exported its first cargo of LNG in December. The announced expansion will mark an “incremental, additional investment” of $18 billion in the state, Sabel said during an event attended by Energy Secretary Chris Wright, Interior Secretary Doug Burgum and Louisiana Gov. Jeff Landry (R).
“With this new planned expansion, Plaquemines will become the largest LNG export facility built in North America,” Sabel said Thursday.
