Shell Challenges Arbitration Loss Against Venture Global in LNG Contract Dispute
Shell (SHEL) shares dipped despite the oil giant preparing to escalate its legal battle with U.S. LNG producer Venture Global. The company seeks to overturn an August arbitration loss in New York Supreme Court, alleging withheld information and contract breaches.
The dispute centers on Venture Global's failure to deliver contracted liquefied natural gas cargoes from its Calcasieu Pass facility in 2023. Shell, BP (BP), and other energy firms accuse the exporter of prioritizing lucrative spot market sales over long-term commitments.
Shell's legal maneuver follows BP's recent success in a related arbitration case. The outcome could set precedents for LNG contract enforcement as energy giants protect their supply chains amid volatile global markets.
