- Daily Zen
Furthermore, the US Energy Department has already given the nod t to the Sabine Pass Export terminal in Louisiana which will be operated by Cheniere Energy Inc. Other stakeholders in Freeport LNG include Zachry American Infrastructure LLC as well as Freeport LNG Investments. Interestingly, the company that operates the LNG import facility is owned by ConocoPhillips and Michael Smith, a private investor.
Most analysts believe that the approval of Freeport LNG and others will have a huge impact on the US Economy in long time to come. Majority opinion states that natural gas resources in the US are now in transformative stage and will feel an impact on several fronts. While the degradation, pollution and environmental hazards deep drilling, fracking will impact the immediate environment, exports will help in optimizing energy security of the country. The huge exports will drive profits and will then have a chain effect in ‘spurring economic development’. Indirect employment and increase in job creation are some of the secondary advantages of energy export boom. Considering that Freeport LNG will export nearly 1.4 billion cubic feet each day in the next 20 years, most residents request the government to consider the export deal. Despite efforts, the government has approved the Cheniere Energy Inc.’s proposal, encouraging several stakeholders to believe that it is “an indication that other projects, including our own Cameron LNG, will receive this authorization soon.” Exporters believe that the US has a very thin opportunity to participate in exporting LNG to global markets.