Trump administration approves LNG exports from Venture Global's CP2 project

US President Donald Trump's administration has permitted Venture Global LNG to export natural gas from its CP2 project. According to the country's Energy Secretary Chris Wright, the decision is aimed at restoring the United States' international energy dominance.

Venture Global plans to ship up to 3.96 billion cubic feet per day of liquefied natural gas (LNG) overseas from the CP2 project. Total construction costs are estimated at $28 billion. The export permit also applies to countries that do not have free trade agreements with the United States.

As Bloomberg reports, environmental organizations have raised concerns about CP2's potential negative impact on the environment. In response to these worries, Venture Global claims that the facility will produce enough gas to replace 33 power plants fired with coal. This could prevent the emission of an estimated 140 million tons of greenhouse gases per year.

Bloomberg lists Inpex Corp., Chevron Corp., and Exxon Mobil Corp. among the American organization's potential LNG buyers.