The largest foreign investor in U.S. shale plans to export ultralight Texas crude oil without formal federal approval, according to The Wall Street Journal.Australia-based BHP Billiton Ltd. NYSE: BHP has a deal to sell about $50 million of ultralight oil, called condensate, although it has not received a federal ruling in its favor. BHP now employs more than 2,000 people in Houston and is building a 30-story tower on 2.7 acres in the Four Oaks Place complex.Thanks to a recent U.S. Department of Commerce ruling, Houston-based Enterprise Products Partners LP NYSE: EPD and Irving-based Pioneer Natural Resources Co. NYSE: PXD are the first two companies with permission to export Eagle Ford condensate, which was banned as part of the 40-year-old crude oil export ban. The Commerce Department essentially ruled, in some cases, that the condensate is a product and not crude oil.
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