Abu Dhabi has backed construction of a new $13bn liquefied natural gas plant in Louisiana, as concern over Middle East supply disruption spurs a fresh wave of US energy development.
US energy group Caturus will on Friday unveil funding commitments for Commonwealth LNG, a massive export facility in Cameron Parish, Louisiana, that can produce 9.5mn tonnes per year.
The group has raised $9.75bn in project financing for construction of the plant in a move that underlines how US fossil fuels have become a critical strategic asset since the Iran war closed the Strait of Hormuz, a waterway through which a fifth of global oil and LNG flows.
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