JPMorganChase Chairman and CEO Jamie Dimon is planning to visit Venture Global’s new Plaquemines LNG facility in Port Sulphur Tuesday, one day after the $21 billion liquified natural gas export terminal kicked off production.
Dimon, who chairs the nation’s largest bank, believes LNG is one of the brightest spots in the nation’s energy future, and Louisiana, which now has four LNG export facilities in operation and is one of the leaders in the growing industry.
“LNG has three virtues, all of which are critical,” Dimon said in an interview Monday at the Four Seasons. “It’s very good for our economy and for our allies, it’s cheaper and it’s clean. … So, safe, reliable and affordable.”
Virginia-based Venture Global is the second-largest LNG producer in the U.S., with two facilities in Louisiana — Calcasieu Pass and Plaquemines LNG — and two more planned. The company is also one of Chase’s largest clients in this region, Dimon said.
Dimon’s planned tour of the Port Sulphur facility is among several stops on an itinerary that also included a company town hall Monday afternoon with more than 200 local Chase employees and a private dinner with clients Monday night. Dimon also has a lunch scheduled for Tuesday with 150 local clients and business leaders.
“I always learn on these trips,” Dimon said. “The clients always tell you pretty bluntly what’s going on.”
For several years, Dimon has embarked on “listening tours” around the country, visiting smaller cities and rural areas, meeting with clients and Chase employees. New Orleans has been a stop on past tours. This week’s visit is his last of the year and was designed, in part, to coincide with the launch of Plaquemines LNG.
LNG terminals have opened up the vast global gas market to domestic producers, leading to booming production across many parts of the U.S., including in Texas and Louisiana. The facilities have helped cement the U.S. as one of the world’s largest energy producers and have geopolitical implications as energy importers, particularly countries in Europe, seek to wean themselves from Russian supplies.
Environmental advocates say the export facilities are extending the timelines for fossil fuel production and adding to global emissions.
Chase is reportedly one of the financial backers of Venture Global’s planned $3 billion initial public stock offering, according several national media outlets, though the bank has declined to comment.
Dimon said LNG export facilities help American allies overseas by providing them with a more affordable energy source that is cleaner than coal, which Asian and European countries continue to rely on.
“It is very good to keep your allies together and a lot of these countries cannot afford very expensive energy,” Dimon said. “It also has the benefit of being cleaner.”
JPMorganChase is the largest bank in Louisiana in terms of market share, with more than $22 billion in deposits, 1.2 million customers and 100 branches, according the Federal Deposit Insurance Corp. In New Orleans, its footprint is slightly smaller, ranking third behind Capital One and Hancock Whitney.