Energy Transfer Just Got a Huge Vote of Confidence for a Key Growth Project
Energy Transfer (NYSE: ET) has been trying to move forward with a project to convert its Lake Charles facility from natural gas imports to exports for years. The midstream company has faced several obstacles along the road, including the abandonment of its former joint venture partner, (NYSE: SHEL).
However, Shell has continued to support the project since leaving the partnership, first as a customer and now as an advocate. That backing could help Energy Transfer finally start construction on the project.
Energy Transfer initially received approval from the Federal Regulatory Commission (FERC) to convert its existing Lake Charles import and regasification facility to an LNG export terminal in 2015. It also received a license from the Department of Energy to export 2.33 billion cubic feet of natural gas per day (equivalent to 16.45 million metric tons of LNG).
Source Fool.com
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