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Jordan Cove Project Secures Demand for 11-MTPA Capacity
= Still aiming to sign another deal by Q1 2019, Pembina planning to sell 40% share =
Canada-based Pembina Pipeline Corporation on 10th local time announced it has successfully secured demand for the Jordan Cove LNG project's liquefaction capacity of 11 mtpa. The Company signed non-binding 20-year off-take deals with several potential users, and is seeking buyers aimed at signing another binding deal by the first quarter of 2019.
The Pembina-led project plans to have an LNG production capacity of 7.5mtpa. The secured demand exceeds Pembina's planned production volume significantly.
The project is wholly owned by Pembina, but it is negotiating with these potential terminal users to sell off 40% share in the project to lower its share to 60% aimed at mitigating risks. It intends to ink sell-off deal (s) by the third quarter of 2019.
The 7.5-mtpa LNG production/export terminal consisting of seven 1.5-mtpa trains, a 320,000-cubic-meter tank etc. is planned to be constructed in west coat Oregon. The project had initially been operated by Canada's Veresen, but Pembina, which acquired Veresen, took over the project.
Pembina plans to spend US$100 million for the project in 2019, proceed necessary approval procedures, and further seek contract partners aimed at starting production in 2024. The Federal Energy Regulatory Commission (FERC), which is assessing the project's environmental impact, intends to make a final decision for the project by November 2019.
On contract partners, it has been revealed so far that the project has signed a 1.5-mtpa liquefaction contract each with Japan's JERA and ITOCHU Corporation.
last modified : Wed 19 Dec, 2018 [10:20]
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