Exelon acquires Annova LNG

Exelon Corp. has acquired Annova LNG, according to reports.

In an interview with Bloomberg, Exelon Vice President and founder of Annova LNG, David Chung, confirmed the deal that sees Exelon purchase a 96% stake in the startup, which is building a US$ 1.3 billion LNG export terminal in Brownsville, Texas, USA, which is scheduled to begin operation in early 2019.

The LNG project is expected to ship 2 million tpa of LNG to customers in FTA countries.

Chung is also reported to have said that the LNG plant could eventually triple in size to 6 million tpa.

Edited from various sources by Callum O'Reilly

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