According to Bloomberg, BHP Billiton (BHPLF)
may be first in line to persuade Californian Governor Arnold Schwarzenegger to allow construction of the first liquefied natural gas import terminal off the wealthiest U.S. state's coast. An application by Japan's Mitsubishi Corp.
may be the state's first to go before federal regulators, who have the final say for onshore plants. North America's West Coast may be limited to three terminals as increased supply cuts gas prices and profit projections. Of the five proposed LNG terminal projects in California, BHP's Cabrillo Port and Mitsubishi's Long Beach project are those farthest through the official approval process. ConocoPhillips (COP)
is Mitsubishi's partner in the Long Beach project. (Source: Bloomberg)