Venture Global gains on agreement to supply more LNG to German firm from CP2 project

Shares of LNG company Venture Global VG.N rise 1.8% to $16.04

Company to supply additional 0.75 million tonnes per annum (mtpa) of liquefied natural gas to Germany-based distributor SEFE Energy GmbH from its Calcasieu Pass 2 (CP2) LNG project for 20 years

Adds that this will increase total volume of LNG purchased by SEFE from CP2 LNG to 3.0 mtpa

VG is expected to become Germany's largest LNG supplier, with combined 5 mtpa offtake 20-year agreements with German companies SEFE and Energie Baden Wuerttemberg AG EBKG.DE, company says

To date, ~11.5 mtpa of CP2 Phase One has been sold, raising total contracted capacity for all of its projects to 41.5 mtpa, VG adds

*"We think this further supports recent commentary of strong global demand for long-term LNG contracts and expect VG could announce additional long-term SPAs for CP2 to achieve their targeted 2 to 5 MTPA of additional long-term SPAs at CP2," RBC Capital Markets analyst Elvira Scotto says

Including session's moves, stock down over ~31% since NYSE debut in January