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MOSCOW, December 23 The Polish concern Orlen filed a claim in arbitration court against the American company Venture Global for non-compliance with the terms of a long-term contract for the supply of liquefied natural gas (LNG), reports Bloomberg, citing sources.
“Orlen SA filed a claim in arbitration court against Venture Global LNG, the concern claims that the American LNG exporter does not comply with the terms of a long-term contract,” writes Bloomberg. According to the agency, Venture Global was previously sued by Shell and BP.
The American company, in turn, said it was unable to provide supplies due to problems with investments. At the same time, it promised to begin supplying liquefied gas under long-term contracts by the end of 2024.
According to the agency, Orlen demands that Venture Global immediately begin to fulfill the terms of the contract. It is clarified that the concern was forced to replace the missing volumes of LNG through transactions on the spot market. This incident, as noted, did not affect Poland's energy security, but Orlen had to spend twice as much money as provided for under the contract with Venture Global. The concern does not rule out that it will demand compensation from the company for these losses.
According to sources, Orlen expects the arbitration proceedings to take one to two years.