Venture Global, Inc. (NYSE:VG) shares are tumbling premarket on Friday after a wholly-owned subsidiary of BP p.l.c. (NYSE:BP) won an arbitration against the company over its failure to supply liquefied natural gas.

BP Wins Arbitration Against Venture Global

This week, the International Chamber of Commerce (ICC) issued a partial final award in the arbitration with BP Gas Marketing Limited related LNG sales under the long-term sales and purchase agreement (SPA) from the Calcasieu Project.

The tribunal found that Venture Global’s subsidiary, Venture Global Calcasieu Pass, LLC (VGCP), missed the COD declaration and did not act as a “Reasonable and Prudent Operator.”

BP is ...