HOUSTON (Reuters) -Tellurian said on Monday it appointed a new president and general counsel, days after the U.S. liquefied natural gas (LNG) developer ousted co-founder Charif Souki as chairman. The company's shares were off 15% to about 64 cents a share as investors digested Friday's shake-up that will see co-founder Martin Houston take over as chairman and Daniel Belhumeur as president. Tellurian will pay Souki at least $6 million in cash as part of its decision to remove him from all executive roles without cause, according to a Tellurian proxy filings.
Tellurian ousted its chairman and co-founder Charif Souki as an executive officer, the U.S. liquefied natural gas (LNG) developer said on Friday, weeks after auditors raised doubts about the company's ability to cover future expenses. Souki was pushed out of Cheniere Energy and co-founded Tellurian in 2016 with Martin Houston, who will replace him as chairman. Tellurian has changed its Driftwood strategy several times over the years, never attracting enough potential clients for the first, $14.5 billion phase of the 27.6 million metric ton per annum facility.
The U.S. is directly targeting Russia’s ability to export liquefied natural gas (LNG) for the first time, which could disrupt global energy markets — something Washington has so far looked to avoid, the Financial Times reported on Nov. 12.
The news story, featuring a photo of smiling Vladimir Putin taken in the village of Belokamenka in Murmansk region in July 2023, did not produce a big news splash, despite the significance of the context.
The U.S. Department of Energy (DOE) has warned New Fortress Energy if any portion of its Altamira floating liquefied natural gas (LNG) project is located onshore Mexico, the company will have to resubmit its application for an export permit. New Fortress's $1.3 billion Altamira LNG project was expected to start shipping the superchilled gas this month under an export permit issued in June. New Fortress did not immediately reply to a request for comment submitted through its website.