Stabilis Solutions Receives DOE Approval to Export LNG
Stabilis Solutions, Inc. (NASDAQ:SLNG) has secured authorization from the U.S. Department of Energy to export up to 51.75 billion cubic feet of domestically produced liquefied natural gas (LNG) annually.
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Rhea-AI Summary
Stabilis Solutions, Inc. (NASDAQ:SLNG) has secured authorization from the U.S. Department of Energy to export up to 51.75 billion cubic feet of domestically produced liquefied natural gas (LNG) annually. This approval allows Stabilis to export LNG to both free trade and non-free trade countries for a term of 28 years. The company's CEO, Westy Ballard, emphasized the significance of this approval in addressing the current energy crisis and aiding the transition to cleaner energy sources.
Positive
- Authorization to export up to 51.75 billion cubic feet of LNG annually.
- Approval effective for 28 years, providing long-term export opportunities.
Negative
- None.
Details
News Market Reaction – SLNG
The recorded move for SLNG in the trading session of this news was +73.67%.
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HOUSTON, TX / ACCESSWIRE / September 21, 2022 / Stabilis Solutions, Inc., ("Stabilis") (NASDAQ:SLNG), today announced that it has received authorization from the U.S. Department of Energy ("DOE") to export domestically produced liquefied natural gas ("LNG") to all free trade and non-free trade countries, including Asian, European, and Latin American importing nations. Under the DOE's order, Stabilis received authority to export on its own behalf, or as agent for others, up to the equivalent of 51.75 billion cubic feet per year of domestically produced LNG. The authorization is for a term of 28 years.
"The DOE's approval provides us with the ability to assist in the world's current energy crisis as well as longer term capabilities to facilitate the world's transition to cleaner energy sources," said Westy Ballard, President & Chief Executive Officer of Stabilis, "and we look forward to working with our customers to commercialize these exciting export opportunities."
About Stabilis
Stabilis Solutions, Inc. is a leading provider of clean energy production, storage, and delivery solutions to multiple end markets across North America. To learn more, visit www.stabilis-solutions.com.
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Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
SOURCE: Stabilis Energy
View source version on accesswire.com:
https://www.accesswire.com/716767/Stabilis-Solutions-Receives-DOE-Approval-to-Export-LNG
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