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Venture Global hit with partial arbitration award finding breach; damages hearing expected, $170M cap
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Venture Global received a partial arbitration award finding its Calcasieu project missed timely COD under the Galp SPA. Key Highlights: The ICC tribunal found Venture Global Calcasieu Pass breached its obligation to declare COD under the SPA. Remedies will be set in a separate damages hearing expected in 2027 or 2028; a final award will follow. The award’s damages exposure is subject to a $170 million seller aggregate liability cap under the SPA. Company disputes the…