Guess who else wants to export natural gas?
Iran is looking to resurrect a liquefied natural gas project mothballed in 2012, when Western countries levied economic sanctions to halt Iran’s nuclear program, according to The Wall Street Journal.
Iran has the largest natural gas reserves in the world and wants to ship its gas to Europe. About 40 percent of the LNG plant had been built when construction stopped, and it could take three to four years to finish the project.
Iran is also looking at building a pipeline beneath the Persian Gulf to Oman’s LNG facilities, according to the Journal. Oman has already agreed to build the pipeline.
It’s unclear how Iran’s entry into the gas export market will affect prices or Louisiana’s LNG export facilities. At least 10 projects have been announced, with Cheniere Energy’s Sabine Pass project expected to make its first shipments this year.