LONDON, March 6 (Reuters) - BP is seeking at
least $3.7 billion from its arbitration win against Venture
Global ( VG ) in a case concerning liquefied natural gas (LNG)
cargoes, Venture Global's ( VG ) annual report shows.
The remedies sought by BP include damages ranging from $3.7
billion to potentially in excess of $6.0 billion, as well as
interest, costs and attorneys' fees, said the report, which was
released this week.
BP declined to comment, while a Venture Global ( VG ) spokesperson
said the British oil major's requested damages are "unserious
and not supported by evidence or controlling law".
BP, Shell, Unipec, Edison, Galp
, Repsol and Orlen ( PSKOF ) all took Venture
Global ( VG ) to arbitration in one of the biggest disputes in the
history of the LNG industry.
In October, BP won its case over Venture Global's ( VG ) failure to
deliver LNG under a long-term contract that was due to start in
late 2022.
The International Chamber of Commerce (ICC) International
Court of Arbitration found that Venture Global ( VG ) breached its
obligations to declare commercial operations had begun at the
Calcasieu Pass plant in a timely manner and act as a "reasonable
and prudent operator," Venture Global ( VG ) said in a regulatory
filing at the time.
Venture Global ( VG ), the second largest LNG exporter in the U.S.,
has won two out of the three arbitrations brought against it.
It prevailed in an arbitration brought against it by Shell
and won a subsequent court challenge from Shell over the
arbitration award.