Posted by John Donovan: 28 Nov 2024
Shell—ever the champion of profit at any cost, and now throwing a tantrum because their latest LNG scheme didn’t quite go as planned. In a plot twist that’s dripping with irony, Shell, the ruthless polluter with an insatiable hunger for cash, is dragging Venture Global into arbitration over undelivered liquefied natural gas (LNG) from the Calcasieu Pass facility. Brace yourselves: the oil behemoth is upset it didn’t get to rake in even more billions. Yes, billions. Cry us a river, Wael Sawan.
On an analyst call, Shell’s CEO grumbled about the lack of volumes from their term agreement with Venture Global, agreements which supposedly “underpinned the financing for the project.” Oh, the humanity. Sawan lamented, “Frustratingly, we have got no volumes against our term agreement.” Translation: they expected mountains of cash, but Venture Global’s Louisiana facility, still not fully commissioned, hasn’t delivered the goods. Shell’s tantrum is joined by BP, Galp, and Repsol, all of whom claim they’ve lost out on untold billions in missed profit. Because really, what’s a little global warming when there’s cash to be made?
Of course, this debacle didn’t happen in a vacuum. Shell, with its history of environmental destruction and cozying up to authoritarian regimes for fossil fuel extraction, is hardly new to controversy. And its biggest backers—like BlackRock, the world’s largest asset manager—seem perfectly fine propping up this greedy giant. Why care about the planet when there’s another yacht to buy, right?
Here’s the kicker: Shell’s whining isn’t about some humanitarian crisis or environmental injustice. It’s about gas contracts. They’re in arbitration because the precious natural gas they so desperately want to burn hasn’t arrived on time. Meanwhile, communities around the world are choking on pollution, oceans are boiling, and climate disasters are wreaking havoc—all while Shell and friends focus on their next payday.
But let’s not forget who’s really footing the bill here: us. While Shell battles for its billions in court, regular people are grappling with skyrocketing energy prices and the fallout of the climate crisis Shell helped engineer. So, as Shell enters arbitration, one can only wonder: how many private jets will it take to carry their lawyers to hearings where they argue over profits made by destroying the planet?
And for what? Shell doesn’t need more money—it’s already one of the most hated and wealthiest corporations in the world. This arbitration is nothing more than a petulant temper tantrum from a company whose business model is predicated on greed, exploitation, and environmental degradation. Venture Global might not have delivered the gas, but rest assured, Shell will keep burning everything else—including what little goodwill it might still have.
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