Shell claims LNG group ‘wrongfully earned’ $3.5bn on shipment arbitrage

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Financial Times 10h ago

Shell claims LNG group ‘wrongfully earned’ $3.5bn on shipment arbitrage - Financial Times

Quick Summary:

Venture Global, which was founded by ex-banker Michael Sabel and lawyer Robert Pender, has shaken up the global LNG industry by expanding rapidly, in the process becoming embroiled in a bitter public dispute with industry heavyweights Shell and BP.

The accusations are emerging ahead of arbitration proceedings Shell and several other energy companies have filed with Venture Global, a new entrant which has shaken up the global LNG market.

Kjell Eikland, managing director of Oslo-based consultancy Eikland Energy, said Shell, BP and Edison’s role as lead parties in the Venture Global arbitration indirectly shows which companies suffered the biggest losses.