Venture Global (VG.US) saw a significant rise of over 6% before the market opened, as there are rumors that Trump will approve the CP2 project's LNG exports.

As of writing, Venture Global (VG.US) rose 6.7% before the market opened on Wednesday, according to media reports, after sources said the Trump administration was poised to conditionally approve the company's CP2 facility in Louisiana to export liquefied natural gas, which had stalled under former President Biden. The approval of CP2 would be the biggest move by Trump on liquefied natural gas projects.

Venture Global has yet to make a final investment decision on the project, which is expected to cost $28bn and become one of the largest liquefied natural gas plants of its kind. Once built, the plant would be able to export up to 3.96bn cubic feet of liquefied natural gas per day, producing 20m tonnes of liquefied natural gas annually.

The approval would mark the latest effort by the president to bolster US natural gas exports, following similar permits for Commonwealth LNG that allow the extension of two other projects, which would make liquefied natural gas more readily available as a ship fuel, but the approval of CP2 would be the biggest move by Trump on liquefied natural gas projects. The size of the CP2 project has made it a target for climate activists, who have pressured the Biden administration to block the project.

Venture Global has already lined up several customers for future liquefied natural gas supplies from CP2, including Exxon Mobil (XOM.US), Chevron (CVX.US), Inpex of Japan and SEFE European Security Energy Company (SEFE Securing Energy for Europe GmbH).