Home / Finance News / Veresen’s US$6-billion Jordan Cove LNG project won’t be sanctioned until late 2016
veresen.jpg

Veresen’s US$6-billion Jordan Cove LNG project won’t be sanctioned until late 2016

Veresen has undertaken a number of simultaneous growth projects, which require significant capital and for which the company has had to find partners to finance those developments.

CALGARY – Veresen Inc. has again pushed back a sanctioning decision for a liquefied natural gas project on the coast of Oregon, at the same time as it announced plans to spend almost US$100 million on the project next year.

“Clearly, this has taken longer than we’d like, but this is a big project with a lot of moving parts and I’m very pleased with the progress we’ve been making, so stay tuned,” president and CEO Don Althoff said on a conference call Monday of his company’s LNG plans.

If built, the US$6-billion Jordan Cove LNG project would be the most ambitious and most expensive project Veresen, which has a roughly $3-billion market cap, has undertaken.

The Calgary-based company is expected to spend US$98 million on Jordan Cove LNG in 2016, but that number is subject to change depending on when the company reaches a final investment decision, which is now expected in the second half of 2016.

Related

Check Also

1207morneau.jpg

Finance Minister Bill Morneau says tax changes to take $1.2 billion more out of coffers

OTTAWA — The Liberal government is poised to make good on its promise to cut …

Leave a Reply

Your email address will not be published. Required fields are marked *