Venture Global in Talks to Supply Ukraine With LNG as Winter Looms

Venture Global LNG (VG.N) has held discussions with Ukraine’s largest private energy company, DTEK, to supply additional cargoes of liquefied natural gas (LNG) from its Plaquemines facility in Louisiana, according to a Reuters report citing three unnamed sources familiar with the matter.

The talks come as Ukraine faces intensifying Russian strikes on its energy infrastructure ahead of the winter heating season. The sustained damage has forced Kyiv to import more natural gas to compensate for falling domestic production, raising concerns over the country’s energy resilience during the cold months.

Two of the sources said the negotiations involve additional LNG volumes from Venture Global’s 27.7 million metric tons per annum (mtpa) Plaquemines LNG terminal, which is currently in its commissioning phase. Ukraine’s DTEK, part of billionaire Rinat Akhmetov’s SCM Group, already signed a deal in 2024 to purchase LNG from Plaquemines, as well as 2 mtpa from Venture Global’s CP2 project, still under construction.

Venture Global’s CEO, Michael Sabel, reportedly joined other U.S. energy executives in a meeting with Ukrainian President Volodymyr Zelenskiy in Washington, D.C., on Thursday. Zelenskiy later posted a video on X emphasizing the importance of power in the region and claiming to have “made proposals to the US regarding gas infrastructure, nuclear power generation, and several other projects.”

Neither Venture Global nor DTEK commented on the reported talks.

Venture Global has emerged as the only U.S. LNG operator with spare capacity available for flexible spot market sales, as its Plaquemines facility has yet to begin full commercial operations. During commissioning, the company exported 1.6 million tonnes of LNG in September – roughly 17% of total U.S. LNG shipments that month, according to preliminary data from LSEG.

The company’s practice of prioritizing spot sales while delaying the start of long-term supply contracts has sparked growing scrutiny. Last week, an arbitration tribunal found that Venture Global breached its contractual obligations with BP (BP.L) by failing to declare commercial operations at its Calcasieu Pass terminal in Louisiana on time. The ruling adds pressure to the company as it faces multiple disputes with buyers seeking access to contracted volumes.

Despite the controversy, Venture Global maintains that Plaquemines remains on schedule for full commercial startup, which would trigger the activation of its long-term supply deals at fixed, lower prices.