Energy Transfer on Thursday announced it is suspending the development of its Lake Charles LNG export facility, Reuters reports.
The facility is the first LNG project in the U.S. to be halted after President Donald Trump expedited permits for them early this year.
The suspension comes as Energy Transfer faces rising costs and amid fears of a looming global oversupply as new LNG facilities come online. The company says it will now focus on allocating funds to natural gas pipeline projects, which it believes provide superior risk and return profiles.
Energy Transfer remains open to discussions with third parties that might have an interest in developing the Lake Charles LNG export project.
