(Reuters) -Venture Global said on Friday that following Shell’s recent loss in arbitration over liquefied natural gas (LNG) supply claims, an International Chamber of Commerce panel has issued an award ordering Shell to pay its legal fees.
“Venture Global looks forward to putting these proceeds toward our coastal restoration efforts along the Gulf of America,” a company spokesperson said, referring to the Gulf of Mexico.
Earlier this week, Reuters reported that Shell challenged its defeat in the New York Supreme Court, weeks after rival BP won a similar arbitration worth more than $1 billion.
Both cases centered on Venture Global’s failure to deliver LNG under long-term contracts while selling cargoes on the spot market as prices surged after Russia’s 2022 invasion of Ukraine.
(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Leslie Adler and Tom Hogue)
Comments