(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
Venture Global Secures Legal Fees from Shell After Arbitration Defeat
Impact of Arbitration on LNG Contracts
(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's Restoration Efforts
"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.
Shell's Legal Challenges
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.
Market Dynamics Post-Arbitration
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)
