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Goldboro LNG to issue equity before FID in mid-2019

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LNG Industry,

According to Reuters, Pieridae Energy wants to issue new equity before making a final investment decision (FID) on the Goldboro LNG project by mid-2019.

Reportedly, the finalisation of offtake agreements is not an issue for this project, as Uniper has already committed to purchasing high volumes of the product. Specifically, it has agreed to purchase 5 million tpy for a 20-year period commencing in 2023. Nevertheless, Pieridae does still need to finalise agreements that will allow it obtain feedgas for the facility and complete financing for the CAN$10 billion project.

Reuters quotes Mark Brown, Vice President of Business Development, as saying: “In terms of offtake agreements, I would set that aside.

“It’s really now three elements — finalisation of supply, finalisation of transport, and finalisation of equity financing.

“The financing would be to raise the capital through the issuance of equity in the project.

“There’s various ways that people could enter into the project; there’s that way (to buy a stake in the plant) or simply to invest the project.”

According to Reuters, Pieridae has said that the equity issue will be open to whomever, with discussions being held with Asian, European and North American interests.

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