With the move late Tuesday, the Energy Department is allowing Cheniere to export as much as 2.1 billion cubic feet per day of liquefied natural gas over the next 20 years from the planned facility to countries with which the United States does not have free trade agreements.
The company announced a major restructuring of the business last December that includes 1,000 job cuts and a reduction in business segments to five from 16 that it said will result in a $200 million annual cost reduction.
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.
Falling oil prices are pumping the brakes on the global liquefied natural gas market, forcing a much-needed cooling-off period for a white hot market that has rapidly expanded in recent years, a panel of LNG experts said Wednesday.
America’s Natural Gas Alliance on Tuesday called on the federal government to revamp its lengthy and expensive permitting process for projects aimed at exporting supercooled gas to foreign markets, arguing that such exports are in the country’s national interest.
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