Venture Global LNG Inc. on Wednesday reached a positive final investment decision (FID) on its Plaquemines liquefied natural gas (LNG) export project in Louisiana. It also completed $13.2 billion of financing for the first phase.

The FID is the first time a U.S. project has been sanctioned since August 2019. At that time, Venture Global gave the green light to move ahead with the Calcasieu Pass terminal in Louisiana, which is currently being commissioned.

“The project has attracted robust financial and commercial support, which has enabled us to formally sanction this project at a critical moment for energy markets,” said CEO Mike Sabel. “Speed matters more than ever, and Venture Global is uniquely positioned to quickly bring U.S.  LNG to the market to support global...