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Companies no longer need to follow Cheniere’s business model and invest billions of dollars to wrestle their way into an increasingly crowded market to sell liquefied natural gas overseas, CEO Charif Souki said Wednesday.
Federal regulators approved plans to expand Sabine Pass LNG amid growing skepticism about the viability of such projects.
The facility, which would be able to process as much as 15 million metric tons of liquefied natural gas annually, is the first proposed greenfield export project — one that wouldn’t be built on the footprint of existing LNG infrastructure — to make it this far.
The Federal Energy Regulatory Commission said it will allow Cheniere to build an LNG plant and pipeline in Corpus Christi, according to a filing Tuesday.
Souki’s $142 million in compensation for his role in 2013 – mostly on paper, in stock grants – drew raised eyebrows from investors this year.
Cheniere Energy and Hilcorp were ranked among midsized companies with 150 to 499 employees.
As companies scramble to announce new plants and expansion projects to capitalize on abundant supplies of cheap, natural gas, Cheniere Energy is nearly finished with the first phase of its liquefaction export terminal.
ConocoPhillips senior economist Helen Currie, citing a study by the energy consulting firm IHS Inc., said prices at the pump would fall by about 8 cents a gallon should crude exports be allowed.
The Environmental Protection Agency says another federal agency hasn’t fully addressed how a proposed liquefied natural gas export plant in Corpus Christi might affect air, water and wildlife in the region.
Cheniere Energy may face a tough fight al battle over $1.6 billion in compensation investors claim in a lawsuit should be returned.