Two fossil-fuel billionaires with close ties to Donald Trump bought millions of shares in the company they co-founded just days after a meeting with senior White House officials, who then issued a key regulatory permit that helped expand the company’s fortunes in Europe.
Robert Pender, an energy lawyer, and Michael Sabel, a former investment banker, are the founders and co-chairs of Venture Global, a Virginia-based company that develops and operates liquefied natural gas (LNG) export terminals.
Sabel was among about 20 people who attended an event in April 2024 at Trump’s private club, Mar-a-Lago, when he reportedly requested $1bn in campaign donations from the fossil fuel industry in return for favorable legislation. Venture Global was among the “top donors” to Trump’s inauguration, donating $1m, according to the Wall Street Journal.
On his first day back in the White House, Trump issued an executive order rolling back regulations to favor fossil fuel production, including LNG export licences, while revoking existing climate and clean energy policies.