RMR today is following news from FERC, which just announced approval for construction of four LNG export facilities in the Texas Gulf Coast. More than four dozen LNG projects currently are in development in the U.S., Canada and Mexico—all of which underscore the rapid build-up of a prospering new industry in which the U.S. is expected to dominate within the next five years. The FERC says it now has completed work on applications for 11 export projects over the last nine months. Another four projects are pending.
The most recent proposals include three greenfield LNG facilities in Brownsville, Texas, and expansion of another in Corpus Christi. The Brownsville projects will include more than $38 billion of private investment. Houston-based Cheniere’s expansion at Corpus will allow for seven more trains at the site in addition to the two it currently operates, while a third is under construction. A $380 million project to deepen and widen the ship channel to accommodate large tankers launched in May.
But for Corpus Christi, LNG export terminals aren’t the only business changing the face of the port. According to a new report by global research firm Wood Mackenzie, the Port of Corpus Christi is set to become the top U.S. crude oil export hub over the next 10 years with volumes expected to quadruple in the next five.
What do you think?