Latest News and HighlightsPIERIDAE & UNIPER AGREE TO EXTEND KEY DEADLINES IN THEIR LONG-TERM LNG AGREEMENT

2020/05/05

Goldboro LNG Project Continues to Move Forward

The global LNG industry has obviously not been immune to the negative impacts of COVID-19. Over the last several weeks we have seen projects in Australia, Africa and the Gulf Coast either cancelled or delayed indefinitely due to the challenging energy market.

This is not the case for our multi-billion Goldboro LNG Project. We continue to push forward and we announced a positive development today as Pieridae has negotiated extensions of deadlines under its 20-year agreement with German energy company Uniper Global Commodities. The key extension is June 30, 2021 for the deadline to make a positive final investment decision for the LNG facility. Our 20-year agreement with Uniper is for all of the liquefied natural gas produced at Goldboro’s Train 1 or 4.8 mmtpa (million tonnes per annum).

“We recently expressed confidence we would sign key deadline extensions with Uniper related to FID for our Goldboro LNG facility and Pieridae is pleased to announce those extensions today. Our relationship with Uniper remains strong and we very much appreciate their on-going support,” said Pieridae CEO Alfred Sorensen.

Pieridae remains focused on progressing work with KBR to deliver a fixed price contract to build the gas liquefaction facility. We have begun to contract for services outside the primary engineering, procurement and construction contract with the intent to begin the site preparation work as soon as possible. Some of these activities include building the wharf and jetty, road reconstruction, and constructing the work camp.

“We believe this is an opportunity for Canada to enter into this industry at a time when others are exiting. Our Goldboro LNG Project is fundamentally sound‎ and with fewer competing projects, now is the time to proceed,” concluded Sorensen.