NEW YORK (AP) -- A Houston company has received government approval to build a facility that will make it the first large-scale natural gas exporter in the U.S.
Cheniere Energy Inc. says regulators have cleared the construction of the Sabine Pass LNG terminal in Cameron Parish, La. The facility, which will chill natural gas into a liquid that can be shipped on tankers, will allow U.S.-based producers to export natural gas to overseas markets for higher profits.
Several other companies are proposing similar facilities.
The U.S. currently lacks the ability to export natural gas in large quantities. Demand for facilities like Sabine Pass has grown following a production boom that's pushed U.S. natural gas prices to 10-year lows.
Cheniere shares rose $1.07, or 6.3 percent, to $18.06 in premarket trading.