Venture Global (VG) entered the middle of March with a timely new talking point for investors. On Feb. 26, the company unveiled a 20-year sales and purchase agreement with South Korea’s Hanwha Aerospace for 1.5 million tonnes per annum of LNG beginning in 2030, marking its first long-term supply agreement with a Korean entity.
By the time officials gathered in Tokyo for the March 14-15 Indo-Pacific Energy Security Ministerial and Business Forum, that deal had become part of a larger U.S. message around energy security, supply diversification, and long-term LNG demand in Asia.
Venture Global said the Hanwha agreement lifted its long-term contracted portfolio to more than 46 million tonnes per annum (MTPA). Hanwha said it plans to distribute the LNG to customers in Europe and Asia as it builds out its own LNG value chain.
For Venture Global, that is the key takeaway from the March headlines: Another long-dated customer has committed to U.S. LNG, and this time the buyer is in Korea.
Venture Global by the numbers
- Full-year 2025 revenue: $13.8 billion
- Full-year 2025 net income: $2.3 billion
- Full-year 2025 adjusted EBITDA: $6.3 billion
- LNG cargoes exported in 2025: 380
- CP2 Phase II financing announced March 13, 2026: $8.6 billion
The Hanwha contract lands at a useful time for the company. Venture Global said in its March 2 results that it had signed about 9.75 MTPA of new contracted quantities from 2025 through early March 2026.
That same update also included a new five-year, 0.5 MTPA agreement with Trafigura beginning in 2026. Taken together, those updates show that buyers are still willing to sign long-term and medium-term U.S. LNG deals, even as the global market stays politically charged and logistically exposed.
CP2 is no longer a “wait and see” project
The bigger change since the last draft is at CP2. Venture Global announced on March 13 that it had reached final investment decision and financial close for Phase 2 of CP2 LNG.
The company said the Phase 2 financing totaled $8.6 billion and brought total project financing for CP2 to $20.7 billion. Management also indicated that CP2 has a peak production capacity of 29 MTPA and has contracted nearly all of its nameplate capacity on a long-term basis, with customers mainly in Europe and Asia.
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Why this matters now
The Tokyo forum gave the administration a broad policy platform, but Venture Global’s stock story still comes back to execution.
The company is showing scale, with $13.8 billion in 2025 revenue and 380 LNG cargoes exported. It is also showing commercial traction, with more than 46 MTPA under long-term contract after the Hanwha deal and more than 49 MTPA contracted across its three Louisiana projects after the CP2 Phase 2 close.
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For investors, that makes the Korean deal important in a very practical way. It does not change this year’s earnings by itself because deliveries do not start until 2030. But it does add another long-term buyer at a moment when Venture Global is trying to prove that its next growth phase is commercially locked in and financially supported.
That is a stronger signal than any forum headline by itself.
The company still has to deliver on the usual LNG checklist: construction progress, project timing, and commercial follow-through. But the 2026 picture is clearer now than it was a few weeks ago.
Venture Global has another Asian customer, CP2 Phase 2 is financed, and the company is no longer selling the market on an idea alone. It is selling the market on a buildout that is moving forward.
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