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Released June 27, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Joint venture partners Pembina Pipeline Corporation (NYSE:PBA) (Calgary, Alberta) and the indigenous group Haisla Nation this week announced the final investment decision (FID) on the proposed Cedar LNG project, a floating liquefied natural gas (FLNG) facility in Kitimat in British Columbia. The project, which has a nameplate capacity of 3.3 million tons of liquefied natural gas (LNG) per year, is expected to be in service in late 2028.
"This is a historic moment, and we are proud to be moving forward with a project that will deliver industry-leading, low-carbon, cost-competitive Canadian LNG to overseas markets and contribute to global energy security," Scott Burrows, chief executive officer of Pembina, said in a press release.
Cedar LNG also provided a financing update, noting 60% of the project cost, which is estimated at US$3.4 billion, is expected to be funded with "asset-level debt financing." The remaining 40% is expected to be financed through equity contributions from both Pembina and the Haisla Nation.
The project already has secured a construction term loan with a syndicate of banks, according to the press release.
Cedar LNG has an offtake agreement in place with ARC Resources Limited (Calgary, Alberta) and Pembina itself for 1.5 million tons per year of LNG each.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here to read a detailed project report.
For more information on the project, see April 8, 2024, article - Pembina Updates Progress on Cedar LNG Project in Canada.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
"This is a historic moment, and we are proud to be moving forward with a project that will deliver industry-leading, low-carbon, cost-competitive Canadian LNG to overseas markets and contribute to global energy security," Scott Burrows, chief executive officer of Pembina, said in a press release.
Cedar LNG also provided a financing update, noting 60% of the project cost, which is estimated at US$3.4 billion, is expected to be funded with "asset-level debt financing." The remaining 40% is expected to be financed through equity contributions from both Pembina and the Haisla Nation.
The project already has secured a construction term loan with a syndicate of banks, according to the press release.
Cedar LNG has an offtake agreement in place with ARC Resources Limited (Calgary, Alberta) and Pembina itself for 1.5 million tons per year of LNG each.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here to read a detailed project report.
For more information on the project, see April 8, 2024, article - Pembina Updates Progress on Cedar LNG Project in Canada.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
