US energy tycoon Charif Souki’s plans to build a $25bn natural gas export plant are on the rocks after the project had lost pivotal buyers and failed to raise funds despite rising global demand for the fuel following Russia’s invasion of Ukraine. The stumbles are a big blow to Souki, a pioneer in the US liquefied natural gas business, and could signal trouble in the effort to quickly expand America’s capacity to ship more energy to Europe. Shares in Souki’s company Tellurian tumbled around 40 per cent last week as investors lost faith in his ability to deliver the massive Driftwood LNG project on the Louisiana coast, designed to liquefy up to 27.6mn tonnes of American gas a year.
Cheniere (LNG) and Whistler are likely to proceed with the construction of the intrastate ADCC Pipeline.
Shell, The Williams Companies, Cheniere, APA and TechnipFMC are included in this Analyst Blog.