U.S. President Donald Trump’s administration is set to grant Venture Global LNG conditional approval to export natural gas from a proposed Louisiana facility, which had faced delays under former President Joe Biden, Bloomberg News reported.
The Energy Department is set to authorize widespread exports from the company’s CP2 project as soon as Wednesday, the report said on Wednesday, citing a person familiar with the matter.
However, CP2 remains subject to final approval from federal regulators.
The U.S. Energy Department, the White House, and Venture Global did not immediately respond to Reuters’ request for comments.
Earlier in December, the Federal Regulatory Energy Commission (FERC) pulled Venture Global LNG’s authorization to construct its CP2 export facility, requiring an additional environmental review of air quality impact.
CP2 has been at the center of a fight with environmentalists seeking to limit future LNG projects on the U.S. Gulf Coast. The 20 million metric tons per annum facility won FERC construction approval in June.
Venture Global’s stock price has dropped 33% from last month.
(Reporting by Surbhi Misra in Bengaluru; Editing by Kim Coghill and Rashmi Aich)