Venture Global says ICC issued partial final award in VGCP-GALP LNG arbitration
VG•Venture Global said an ICC tribunal found VGCP breached an obligation to declare commercial operation at the Calcasieu project. The award is subject to a $170 million seller liability cap, and one arbitrator dissented on the breach findings.
1. Arbitration award
Venture Global said an ICC tribunal issued a partial final award in the VGCP-GALP LNG arbitration and found VGCP breached an obligation to declare commercial operation at the Calcasieu project. One arbitrator issued a separate dissent on the breach findings.
2. Company response
The company said the award does not affect the terms of the sales and purchase agreement as entered into and currently performed by the parties. Venture Global said it was disappointed by the majority decision and is evaluating its available options.
