The US Department of Energy (DoE) has finalised changes to a policy that would extend the standard timeframe for some liquefied natural gas (LNG) exports.
President Trump has announced that export authorisations for LNG to non-free trade agreement (non-FTA) countries will be extended until 2050.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The new policy is a change from the current practice of granting 20-year export term for authorisations to export natural gas to non-FTA countries.
US Secretary of Energy Dan Brouillette said: “This policy to utilise export terms through 2050 is the latest of several measures DOE, under President Trump, has taken to support US LNG exports and the benefits they bring both to the United States and to our allies around the world.
“Just this year, LNG exports from the United States will reduce our trade deficit by over $10bn. Furthermore, LNG exports in the United States are providing tens of thousands of jobs and have led to the investment of billions of dollars in infrastructure.”
In February this year, the DOE originally proposed the 2050 term extension in a ‘proposed policy statement’ that was issued for public comment.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe US is the biggest producer of natural gas across the world. The country’s LNG exports have so far reached 38 countries located across five continents.
Fossil Energy assistant secretary Steven Winberg said: “Especially in these times of uncertainty, this policy will provide further regulatory certainty for US exporters competing for market share around the world.
“Importing US LNG makes sense from an economic and environmental perspective for countries looking to have reliable, low-emissions energy supplies. With this policy, US exporters will be better positioned to meet long-term global demand.”
In June 2018, the US DoE signed an implementation agreement with the Israeli Energy Ministry to set up the US-Israel Center of Excellence in Energy, Engineering and Water Technology.
