Venture Global (VG) said Thursday afternoon it is planning an $18 billion investment to expand its Plaquemines LNG facility south of New Orleans, Louisiana.
The company will add 24 trains to the project. The expansion will increase Venture Global's total investment in the US to over $75 billion.
The expansion will increase production by over 18 million tonnes per annum, or MTPA, to a total of over 45 MTPA, from the current output of 27 MTPA.
The company added that it plans to make a final investment decision for the expansion after the first production at its CP2 facility.
Shares of Venture Global dropped 34% in recent trading activity.
Price: 9.38, Change: -4.85, Percent Change: -34.08
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