Venture Global Loses LNG Arbitration to Portugal's Galp

A court has ruled that Venture Global breached its contract with Portugal’s Galp in the second unfavorable ruling for the U.S. LNG major. Galp was one of half a dozen energy companies that sued Venture Global for violating its long-term supply contracts for liquefied gas in order to make a fatter profit on the spot market. BP scored the other win against the U.S. company, while Shell and Spain’s Repsol lost their disputes with Venture Global. Italy’s Edison agreed to a settlement with Venture Global. Venture Global could be liable…