Venture Global (NYSE:VG) rose 6.52% to $11.60 in premarket trading Wednesday after a Bloomberg report indicated the Trump administration is preparing to grant conditional approval for LNG exports from the company's planned CP2 facility in Louisiana. The project had faced delays under former President Biden.

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Although Venture Global has not yet made a final investment decision, the $28 billion facility would be among the largest LNG plants globally. Once completed, it could export up to 3.96 billion cubic feet of LNG per day and produce 20 million tons per year.

If approved, the move would mark Trump's most significant action yet to expand U.S. LNG exports, following past approvals for Commonwealth LNG, permit extensions for two other projects, and efforts to facilitate LNG use as marine fuel.

CP2 has been a key target for climate activists, who previously pressured the Biden administration to block it.

Venture Global has already secured future LNG buyers, including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Japan's Inpex, and SEFE Securing Energy for Europe GmbH.