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Pieridae announces milestones for Goldboro LNG project

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Pieridae Energy (Canada) Ltd has announced that it has met several major milestones with its proposed Goldboro LNG processing facility, including the purchase of the project site and a new partnership and appointee to the board.

On 3 December 2015, Pieridae acquired approximately 107.5 ha. of land from the Municipality of the District of Guysborough (MODG). This property is located in the Goldboro Industrial Park and will serve as the site for the proposed LNG Facility. The cost of this purchase was financed by the Bank of Nova Scotia in Halifax.

Pieridae also confirmed that it has entered into a community benefits agreement with MODG, under which it will offer contracts of employment and procurement to persons who are residents of MODG, or who are Indians under the Indian Act (Canada), and are qualified and able to fulfill the obligations of the contracts.

Alfred Sorensen, Pieridae President and CEO, said: “We’ve had a wonderful relationship with the Municipality of Guysborough, right from the beginning […] We’re so pleased to have acquired the land for the project and to have the benefits agreement in place. It solidifies our commitment to the community and brings us closer to our final investment decision.”

Pieridae also announced that Matt Rees, President of ORLEN Upstream Canada Ltd. (ORLEN), has been appointed to the company’s board of directors.

ORLEN recently acquired Kicking Horse Energy Inc. and consequently now owns 10.7% of the shares in Pieridae. ORLEN is a wholly owned subsidiary of PKN ORLEN S.A. This new relationship with ORLEN expands Pieridae’s reach, both in the potential supply of North American natural gas and the potential offtake of LNG produced from the Goldboro LNG project.

Commenting on the acquisition, Matt Rees said: “The location of the Goldboro LNG is strategic and aligns with our goals of connecting North America and Europe’s energy markets […] I’m pleased to be on the board and look forward to working to helping guide the project forward.”

Pieridae will continue to work with partners, including E.ON and Chicago Bridge and Iron (CB&I) through front-end engineering and design (FEED), with the final investment decision expected in late 2016.


Edited from press release by

Read the article online at: https://www.lngindustry.com/liquefaction/21122015/pieridae-announces-milestones-for-goldboro-lng-project-1798/


 

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