Exxon Mobil's Golden Pass LNG Plant Gets 3-Year Extension Amid Contractor Challenges: Report

On Thursday, Exxon Mobil Corporation (NYSE:XOM) and Qatar Energy's Golden Pass LNG plant received good news from the authorities after lead contractor Zachry Holdings filed for bankruptcy earlier this year.

The plant situated at the Sabine Pass site has reportedly received a three-year extension to complete the Golden Pass LNG facility, reported Reuters.

Golden Pass LNG project is one of two major U.S. LNG facilities anticipated to substantially boost the country's LNG supply capacity within the coming year.

Notably, the plant got an extension due to delays caused by the bankruptcy of the lead contractor.

Earlier, Zachry Holdings, whose share of the project was valued at $5.8 billion, stated that it faced cost challenges over a change order and billings schedule and is engaged in negotiations with Golden Pass LNG for additional funding without success.

This month, ExxonMobil and HELLEniQ ...