Venture Global (VG.US) has invested $18 billion to construct North America's largest liquefied natural gas (LNG) export facility.

Venture Global(VG.US) announced on Thursday that it plans to invest $18bn to expand its Plaquemines liquefaction plant in Louisiana, increasing its annual production capacity to 45mn tonnes from 27mn tonnes currently. The expansion plan includes 24 production lines, which will bring Venture Global's total investment in its current and planned US projects to over $75bn. Earlier in the day, the company raised its estimated construction cost for the initial phase of the Plaquemines project by about $2bn. Venture Global's chief executive Mike Sabel stated: "The expansion of Plaquemines will make it the largest LNG export facility in North America, not only supplying LNG to our allies but also having a significant impact on the trade balance of the US." The company already has an LNG export facility at Calcasieu Pass in Louisiana, which is expected to have an annual export capacity of at least 10mn tonnes when completed. Venture Global has been aggressively pursuing its expansion plans despite its share price falling sharply after its fourth-quarter profit and revenue missed expectations.