Cheniere Energy Inc., the liquefied natural-gas importer proposing to build U.S. export plants, climbed to its highest in more than three years after BG Group Plc forecast “strong” demand for the fuel.
Cheniere, based in Houston, surged 15 percent to $14.27 at the close in New York, its highest level since April 2008.
“The outlook for global gas and LNG demand is strong,” BG Chief Executive Officer Frank Chapman said in a statement today. BG announced Oct. 26 a contract to buy 3.5 million metric tons a year from an export terminal Cheniere is seeking to develop at Sabine Pass in Louisiana.
BG expects about 45 million tons of LNG may be exported annually from the U.S. in 2020, or about 10 percent of the country’s current gas demand, said Chapman, who spoke to reporters today.