Energy Transfer Could Be Getting Close to Securing a Much-Needed Partner
Energy Transfer (NYSE: ET) has been working to convert its Lake Charles facility from importing natural gas to a liquefied natural gas (LNG) export terminal for over a decade. The company has faced a series of obstacles while developing the project, including commodity price volatility, the loss of its joint venture partner, and troubles with the regulatory process.
These issues have caused long delays. However, it's reportedly getting close to finding a new partner to help fund the project. While that would be a major positive development, it's not the only obstacle the master limited partnership (MLP) needs to overcome to finally start construction on the project.
Energy Transfer has been searching for one or more equity partners to help fund the development of its Lake Charles LNG project since walked away from their 50-50 joint venture in 2020. While Shell has since signed a 20-year contract to buy 2.1 million tonnes of LNG per year from Lake Charles LNG, it won't invest in its development. The MLP would like to find partners willing to fund more than half the project's cost, which would reduce its capital requirements.
Source Fool.com
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