ICC tribunal finds Venture Global breached Galp LNG contract COD deadline; liability capped at $170M

Venture Global, Inc.

ICC International Court of Arbitration issued a partial final award on Oct 7, 2026 finding VGCP breached its SPA obligation to declare COD of the Calcasieu Project in a timely manner.
Damages hearing has not been scheduled but is anticipated in 2027 or 2028; any final award is subject to the $170 million seller aggregate liability cap in the SPA.
One of the three arbitrators dissented from the majority's COD-breach finding; Venture Global says the ruling contradicts decisive findings in prior arbitrations with Shell and Repsol.
Company says it is evaluating all options and will vigorously defend; the award does not affect SPA terms, with 20 cargos delivered to Galp since Calcasieu COD on April 15, 2025.

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