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04 Sep 2024

New Fortress Energy Receives Authorization to Export LNG to Non-FTA Countries

04 Sep 2024  by reuters   

New Fortress Energy's liquefied natural gas (LNG) import terminal is pictured near San Juan, Puerto Rico, July 28, 2022. REUTERS/Gabriella N. Baez/File Photo Purchase Licensing Rights
New Fortress Energy (NFE.O), opens new tab said on Tuesday it has received authorization from the U.S. Department of Energy to export liquefied natural gas from its offshore Altamira-based plant in Mexico to non-free trade agreement countries.

According to the terms of authorization, the company can export up to nearly 1.4 million tonnes per annum of LNG to non-FTA countries from its Fast LNG 1 project for a term of five years.

The FLNG project had its first output in July.

In the same month, a federal judge had halted the Democrat administration from pausing approval of pending and future applications to export LNG from new projects to non-FTA countries.

New Fortress is counting on incremental growth in LNG demand in Latin America, including countries such as Brazil and Jamaica, it had said in its second-quarter earnings call.

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