The Alaska Gasline Development Corp. (AGDC) board of directors has accepted the conveyance of TransCanada’s interests in the Alaska LNG export project and authorised a payment of CAN$64.6 million to TransCanada for those interests.
AGDC already holds the State of Alaska’s equity interest in the Alaska LNG project’s liquefaction facility planned for Nikiski on the Kenai Peninsula in Alaska, USA. AGDC will now assume TransCanada’s interest in the project’s 800-mile pipeline and North Slope gas treatment plant, giving the state a 25% interest in the entire integrated LNG project.
The AGDC board has also confirmed that it has accepted the resignation of its President Dan Fauske, effective 1 January 2016.
In a written letter to the board, Mr Fauske said: “I am proud of my time as President of the Corporation. During that time we were able to put together a corporation that not only met, but exceeded, all expectations. As an Alaskan for many years, I strongly desire that a natural gas pipeline project will come to pass. In that pursuit, I wish the Governor and this Board of Directors success.”
Acting board Chairman, Dave Cruz, said: “Dan Fauske has done an incredible job founding, building and maturing this organisation […] Under Dan’s leadership, Alaska has made more progress on a natural gas pipeline than ever before. I want to personally thank him for his dedication to this incredibly important project and for his years of service to the State of Alaska. He will be missed.”
The AGDC board has directed its governance committee to engage an executive recruitment firm to initiate a worldwide search for a new corporate president. The board will appoint an interim president to facilitate the transition of leadership between Mr Fauske and his successor.
Edited from press release by Callum O'Reilly
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