Today, one of the booming sectors in the US is LNG exports. The rise of the sector has been facilitated by the Trump administration policies to boost the countries energy products exports. Now, numerous companies are vying to get a piece of this lucrative pie. One of the most ambitious companies in this race is New Fortress Energy, led by Wes Edens, its founder and CEO. This New York based energy company focusing on sustainable energy has big plans for US LNG. Recently, Wes, who is one of the iconic business leaders and entrepreneurs in the country, came out to announce New Fortress Energy’s Future in LNG exports.
Constructing a $750 Million LNG Export Plant
Wes Edens revealed that plans were already underway for the company to construct a $750 million LNG export plant in Pennsylvania. This plant would help the company export its LNG to West Africa, Central America, and the Caribbean. The plant will be able to hand 2.15 million tons of LNG every year.
Currently, New Fortress Energy is already exporting fuel from Florida to the Caribbean, which it plans to be the first market it exports its LNG. This New York based business leader pointed out that his company will be seeking to help the region reduced its reliance on fossil fuel for electricity. The company is presenting its LNG to countries like Jamaica as a more diverse, affordable, and clean energy source. More information from moneyinc.com
Road and Rail for LNG Transportation
Instead of using a pipeline to transport LNG to its Pennsylvania export plant, the company was opting to use road and rail. Wes Edens clarified that they made this decision to allow them to begin exporting as soon as possible. All oil and gas pipelines in the US fall under the Federal Energy Regulatory Commission (FERC) oversight.
Getting approval to build a pipeline from FERC usually takes a year or more. Currently, there is a backlog of projects awaiting approval, so it might have taken longer. Additionally, building pipeline takes years – this is time New Fortress Energy does not want to waste. Wes Edens mentioned that the company was on track to start LNG exports within two years. Related Article: https://www.wsj.com/articles/wesley-edens-is-an-investor-with-an-affinity-for-the-underdog-1532111122
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