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Shell challenges Venture Global arbitration ruling in NY Supreme Court - report
(Sharecast News) - Shell has challenged its defeat in an arbitration case against US liquefied natural gas producer Venture Global in the New York Supreme Court weeks after rival BP won a similar $1bn-plus arbitration, the Reuters news agency reported on Tuesday. Both arbitration cases were over Venture Global's tab failure to deliver liquefied natural gas under long-term contracts while selling on the spot market as prices soared after the outbreak of the war in Ukraine, it added, citing court filings it had seen.
Shell argued that while the legal hurdle to challenge arbitration decisions is high, it believed such an appeal was justified because Venture Global held back crucial evidence.
A Shell spokesperson confirmed the filing. Venture Global did not immediately respond to a request for comment.
Shell and other firms including BP, Edison, and Galp filed claims starting in 2023. They accused Venture Global of profiting from the sale of LNG on the spot market while not providing the firms with their cargoes agreed under long-term contracts from the Calcasieu Pass export facility in Louisiana.
Shell lost its case in August, while BP won its case in October.
The oil giant is now looking to overturn the August arbitration decision, alleging that Venture Global failed to disclose crucial documents to explain why it had postponed the commercial start of operations beyond what Shell claims was the initial plan of 2022, the filing stated.
Reporting by Frank Prenesti for Sharecast.com
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