Indian-American-led firm to build $8.2 bn deepwater port off Texas coast
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The US approved an Indian-American-led firm, ST LNG, to build an $8.2 billion deepwater port off the Texas coast.
- ✓Construction starts in 2027, with the port opening in 2029.
- ✓Founder Sharad Tak said, "ST LNG will contribute to America's energy security," while creating many jobs and boosting local trade.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Standard
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The US has approved an application from an Indian-American-led firm, ST LNG, to build a deepwater liquefied natural gas (LNG) port off the coast of Texas at a cost of $8.2 billion.
US Transportation Secretary Sean Duffy announced earlier this week that the Maritime Administration (MARAD) fast-tracked the deepwater port licensing process by completing the Final Environmental Impact Statement within 410 days as against five years.
India-born Sharad Tak's ST LNG deepwater port will be built approximately 10.4 miles offshore Matagorda, Texas.
Construction is expected to begin in 2027, with the port coming online in 2029, a Department of Transportation statement said.
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