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Venture Global shares increase after it announces CP2 site work

Venture Global Inc.'s shares rose nearly 20% on Tuesday, after the Louisiana-based producer of LNG announced that it had started construction on its proposed CP2 facility in the state following federal approval.

CP2 is the largest LNG export facility for the United States, with a capacity of 20 million metric tons per year. This will help the nation remain competitive.

The world's largest supercooled gas exporter

The company stated that CP2 expects to deliver the first LNG in 2027, and has already made significant progress in terms of engineering, procurement, and contracting.

Venture Global stated that off-site maintenance of the modules and equipment at the plant will help to speed up construction.

Venture Global is yet to officially approve the final financial approval of the project.

Venture Global will be the biggest LNG exporter of the U.S. if the project is built. Cheniere Energy will not even come close. (Editing by Nick Zieminski).

(source: Reuters)