Energy Transfer Brings On Chevron to Support This Potential Needle-Moving Growth Project
Energy Transfer (NYSE: ET) has long sought to convert its existing Lake Charles LNG import and regasification facility to a liquified natural gas (LNG) export terminal. It started working on that project about a decade ago. It has encountered several obstacles along the way, including turbulent market conditions and regulatory issues.
However, after many delays, the master limited partnership (MLP) is getting closer to making a positive Final Investment Decision on that project. It recently took another crucial step toward that outcome by bringing on Chevron (NYSE: CVX) as a customer for the proposed facility.
Energy Transfer wants to convert Lake Charles into an export facility with nearly 16.5 million tonnes per annum (MTPA) of LNG capacity. It has spent years securing the customers needed to commercialize the facility. It recently entered into a 20-year sale and purchase agreement with Chevron for 2 MTPA of capacity.
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