Venture Global (VG) Soars 20.7% on LNG Crisis

Venture Global Inc. (NYSE:VG) is one of the 10 Stocks Gaining Momentum Fast.

Venture Global grew its share prices by 20.7 percent week-on-week, as investors poured funds into energy stocks on bets that the industry would continue to benefit from the ongoing tensions in the Middle East.

The last trading week also marked its third straight week of gains. Month-to-date, the company has already soared by as much as 73 percent.

Venture Global’s Plaquesmine facility. Photo from Venture Global website

The rally was primarily supported by a missile attack that hit the Ras Laffan natural gas hub in Qatar earlier in the week, causing extensive damage and estimated revenue losses of as much as $20 billion.

Assuming tensions in the Middle East subside, economists still expect LNG prices to remain elevated as it would take at least five years for the facility to be repaired.

The Ras Laffan LNG facility is a cornerstone of the global energy market, accounting for a fifth of the world’s LNG supply.

In other news, Venture Global Inc. (NYSE:VG) recently raised $8.6 billion in fresh funds for the development of its third liquefied natural gas (LNG) project in Louisiana.

Venture Global Inc. (NYSE:VG) initially received $19 billion in financing interest from global banks—much more than the amount it needed—reflecting strong optimism for the CP2 LNG (CP2) project.

The CP2 will have a peak production capacity of 29 MTPA, with nearly all of its nameplate capacity already sold to customers in Europe and Asia on a long-term basis.

Venture Global Inc. (NYSE:VG) said that it now has more than 49 MTPA of total contracted capacity across its three projects.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. Follow Insider Monkey on Google News.