Cheniere CEO says U.S. gas can't liberate Europe from Russian hold

|About: Cheniere Energy, Inc (LNG)|By:, SA News Editor

Cheniere Energy (LNG) CEO Charif Souki says the ability of U.S. energy to save Europe from its dependence on Russian gas has been overstated, partly because he believes only six to eight out of 24 proposed U.S. export projects ever have a chance to be completed.

LNG's own terminal, Sabine Pass in Louisiana - the only project approved for export so far by U.S. regulators - is due to export its first liquefied natural gas towards the end of 2015; at full capacity, it will send out 2.2B cf/day of gas, but Europe’s daily consumption is 40B-50B cf/day, Souki says.

Cheniere has signed contracts to sell gas to various European companies, but Souki says he has no control over where those customers would sell that gas; "I'm sure they will be opportunistic," he says.