Venture Global (VG.US) invests $18 billion to build the largest LNG export facility in North America.

Venture Global (VG.US) announced on Thursday that it plans to invest $18 billion to expand its liquefied natural gas (LNG) facility in Plaquemines, Louisiana. The expansion project will increase the factory's annual production capacity from the current 27 million tons to 45 million tons. This expansion plan includes the construction of 24 production lines, bringing Venture Global's total investment in current and planned projects in the United States to over $75 billion. Earlier that day, the company had increased its estimated construction costs for the initial phase of the Plaquemines project by about $2 billion. Venture Global CEO Mike Sabel stated, "The expansion plan for Plaquemines will make it the largest LNG export facility in North America, providing liquefied natural gas not only to our allies but also having a significant impact on the U.S. trade balance." The company already owns an LNG export facility in Calcasieu Pass, Louisiana, with annual export volumes expected to reach at least 10 million tons upon completion. Despite a significant drop in Venture Global's stock price in the fourth quarter after profits and revenues fell short of expectations, the company continues to actively pursue its expansion plans.