JPMorgan Chase Chairman and CEO Jamie Dimon speaks at Venture Global’s new Plaque Mines in Port Sulfur on Tuesday, a day after the $21 billion liquefied natural gas export terminal began production. He is scheduled to visit an LNG facility.
Dimon, chairman of the nation’s largest bank, said LNG is one of the brightest areas in the nation’s energy future and that Louisiana, with four LNG export facilities currently operating, is one of the leaders in the growing industry. I believe that it is.
“LNG has three virtues, all of which are important,” Dimon said in an interview at the Four Seasons on Monday. “It’s very good for our economy, it’s very good for our allies, it’s cheap and it’s clean. … That means it’s safe, it’s reliable, it’s affordable.”
Virginia-based Venture Global is the second largest LNG producer in the United States, with two facilities in Louisiana, Calcasieu Pass and Plaquemines LNG, and two more planned. Dimon said the company is also one of Chase’s largest customers in the region.
Mr. Dimon’s planned tour of the Port Sulfur facility is one of several stops on his itinerary, which includes an internal town hall attended by more than 200 local Chase employees on Monday afternoon and Monday evening. Private dinners with clients are also included. Dimon also plans to have lunch with 150 local customers and business leaders on Tuesday.
“I always learn on this trip,” Dimon said. “My clients are always honest with me about what’s going on.”
For several years, Mr. Dimon has embarked on a “listening tour” across the country, visiting small cities and rural areas and meeting with customers and Chase employees. I have stopped by New Orleans on previous tours. This week’s visit was his last of the year and was planned in part to coincide with the Plaquemines LNG launch.
LNG terminals have opened vast global gas markets to domestic producers, leading to surges in production in many parts of the United States, including Texas and Louisiana. These facilities have helped solidify the U.S. as one of the world’s largest energy producers, and are expected to have geopolitical implications as energy-importing countries, particularly European countries, seek to wean themselves from supplies from Russia. It also has an effect.
Environmental advocates argue that export facilities extend fossil fuel production timelines and increase global emissions.
State media outlets have reported that Chase is one of the financial backers of Venture Global’s planned $3 billion initial public offering, but the bank declined to comment.
Dimon said LNG export facilities are helping U.S. allies abroad by providing a cleaner and more affordable energy source than coal, which countries in Asia and Europe continue to rely on.
“It’s a very good thing to bring allies together, but many of these countries can’t afford very expensive energy,” Dimon said. There is also the benefit of being cleaner.
JPMorgan Chase is Louisiana’s largest bank by market share, with more than $22 billion in deposits, 1.2 million customers and 100 branches, according to the Federal Deposit Insurance Corporation. In New Orleans, its location is slightly smaller, ranking third behind Capital One. And Hancock Whitney.
