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(Bloomberg) — Liquefied natural gas exporter Cheniere Energy Inc. plans to spend $2.9 billion on the next expansion trains at its Texas facility in Corpus Christi.
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The final investment decision announced Tuesday by the Houston-based company gives the green light for a facility of more than 30 million metric tons a year. Cheniere was a pioneer in natural gas exports at the start of the shale gas boom, becoming the first company to reverse its import terminal in Louisiana almost a decade ago to ship LNG.
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Cheniere, currently the biggest LNG exporter in the US, could lose its top seat as rival Venture Global Inc. expands in Louisiana. Venture Global has rapidly built its Calcasieu Pass and Plaquemines plants and is looking to start on its third project, CP2.
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Cheniere’s announcement marks the second major final investment decision on LNG in the US this year, as the Trump administration has vowed to unleash energy dominance and the US remains the top global exporter of the fuel. Woodside Energy Group Ltd. in April gave the nod on a $17.5 billion project in Louisiana.
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Cheniere also said it is starting a debottlenecking project at the Corpus Christi facility. The next two production units and debottlenecking project will raise capacity at the South Texas plant by 20%, or 5 million tons a year.
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The total expansion is expected to be finished by the end of the decade. Cheniere said it is considering further development at Corpus Christi and its facility in Sabine Pass, which has a capacity of 30 million tons a year.
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The company also plans to increase its annualized dividend by more than 10% — to $2.22 a share from $2 — for the third quarter. Cheniere shares rose as much as 1.6% in New York on Tuesday.
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