Negotiations Stall Over Sound Energy Solutions’ Proposed Financial Incentives
Posted on Dec 14, 2006 in Policy, Legislation and Politics, Regas Terminals & Capacity, State and Local Issues | Comments Off on Negotiations Stall Over Sound Energy Solutions’ Proposed Financial Incentives
The financial incentives offered by Sound Energy Solutions to the City of Long Beach are inadequate given the revenue the company’s proposed LNG terminal is expected to generate, according to the director of Long Beach Gas and Oil. An incentives package totaling $500 million “is not nearly sufficient to recommend to the City Council that negotiations continue forward,” he said in a memo submitted to City Council members on Tuesday. However, Sound Energy Solutions’ president Tom Giles expressed frustration over the lack of “specific feedback” from city officials regarding the company’s financial offer. The Long Beach Press Telegram has the story.