One of the three companies proposing LNG export terminals at the Port of Brownsville has pulled its project.
Annova LNG made the unexpected announcement Monday, citing, quote – changes in the global LNG market. The company did not elaborate. However, energy news source S&P Global Platts reports the decision came after Annova’s parent company, Exelon Corporation, failed to find a suitable offer to sell its majority stake in the project. The report also noted the abrupt departure of Annova CEO Omar Kayum.
Annova’s LNG project, like the two other proposed projects for the Port, had already been federally permitted, and it was the first to be awarded a state operating permit.