Reported 5 months ago
The lead contractor building a Texas liquefied natural gas (LNG) plant for QatarEnergy and Exxon Mobil, known as Golden Pass LNG, has filed for Chapter 11 bankruptcy protection. Zachry Holdings, the main contractor for the $10 billion project, cited challenges at the site, including cost issues and unsuccessful negotiations for additional funding. Exxon, with a 30% stake, plans to review construction timing and continue supporting the project, which is expected to significantly expand U.S. LNG exports in the next year.
Source: YAHOO