LAKE CHARLES, La. (The Advocate) — Shell says it is pulling out of a multibillion-dollar deal to renovate a liquified natural gas terminal in Louisiana in order to preserve cash during the coronavirus pandemic.
The Advocate reports the company’s Dallas-based partner, Energy Transfer, will take over the Calcasieu Parish project but reduce its size.
The move was also prompted by the drop in oil prices.
The project has been granted an extension until December 2025 by the federal government.
It is estimated to create up to 5,000 construction jobs and 200 permanent full-time jobs.