Exelon buys Annova LNG

Exelon buys Annova LNG

Exelon Corp, nuclear power stations network operator in the U.S., acquired Annova LNG, a company that plans to export natural gas.

Exelon bought 96 percent stake in Annova, a startup that is building an LNG export terminal in Brownswille, Texas, valued at $1.3 billion.

Annova founder David Chung told Bloomberg that the project will ship 2 million tons of gas annually to FTA countries. Unlike most other projects, Annova will make small quantity shipments to customers lacking port facilities for handling of large carriers.

The project, scheduled for 2019 could also triple in size to 6 million tons a year according to the project’s website, adding that the company is looking into other gas export developments.

LNG World News Staff, July 14, 2014; Image: Port of Brownsville

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