BP has won its arbitration case against Venture Global over the U.S. supplier's failure to deliver liquefied natural gas under a long-term contract that was due to start in late 2022…
BP has won its arbitration case against Venture Global over the U.S. supplier's failure to deliver liquefied natural gas under a long-term contract that was due to start in late 2022, Venture Global said on Thursday.
The International Chamber of Commerce International Court of Arbitration found that Venture Global breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant in a timely manner and act as a "reasonable and prudent operator," Venture Global said in a regulatory filing.
The BP ruling contrasts with a decision in August that saw Venture Global prevail in a similar complaint from Shell. It was not immediately clear why the two cases resulted in different results. BP is seeking damages of more than $1 billion plus interest, costs and attorneys' fees.
"The company is disappointed by the arbitration tribunal’s decision in the proceeding with BP, which it believes contradicts the decisive findings in the prior arbitration involving Shell," Venture Global said in its filing.
Shares of Venture Global were down more than 10% in after-hours trade, shaving off nearly $3.3 billion from the company's market capitalization.
Hearing To Determine Damages Next Year
A separate hearing is expected in
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