As of 1 July 2016, Downeast LNG will be put up for sale, according to a statement from the company.
George Petrides, Chairman of the Board of Downeast LNG, announced that the company's board and shareholders, including Yorktown Partners, had reached the decision after reviewing the company’s strategy. Downeast LNG intended to construct a 3 million tpy export facility on Passamaquoddy Bay near the Canadian border.
Mr Petrides said: "We have reviewed our strategy and decided that an industrial player or a specialised investor such as an infrastructure fund is better suited to continue the permitting process and eventual build-out of the project.
"With the cancellation of the controversial Kinder project that would have gone east from Schoharie County, New York to Boston, we believe it is very likely that the Algonquin expansion will happen and will facilitate natural gas going from the Marcellus in Bradford County, Pennsylvania to our project in northern Maine […] We [also] noted the successful capital raise by Venture Global last month and see that as continued interest by investors in US-based projects."
To date, Venture Global LNG has raised over US$265 million for the development of its proposed export facilities in Louisiana, US.
The Downeast LNG terminal will consist of one storage tank, a liquefaction train, a small regasification plant, marine facilities, and a natural gas pipeline that will connect the facility to the existing Maritimes and Northeast Pipeline. Downeast LNG will access both unconventional US gas reserves and conventional western Canada gas reserves.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/20052016/downeast-lng-put-up-for-sale-2475/