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Venture Global Shares Plunge 24% After Losing Arbitration to BP
Venture Global Shares Plunge 24% After Losing Arbitration to BP
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BTCCSquare news:
Venture Global LNG (VG) faced a brutal 24% stock drop after an arbitration panel ruled against the company in a contract dispute with BP. The International Chamber of Commerce found Venture Global breached long-term supply agreements by selling LNG on the spot market instead of fulfilling commitments to the energy giant.
BP sought over $1 billion in damages, with financial penalties to be determined in a separate proceeding. The decision stunned markets, coming just weeks after Venture Global prevailed in a similar case against Shell. Regulatory filings show the company disputes the tribunal's findings, but investors reacted decisively—pummeling the stock nearly ten times harder than the broader market's 2.3% decline.
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