Veresen Announces Agreement for Jordan Cove LNG Supplies
Veresen Inc., sponsor of the proposed Jordan Cove Energy Project LNG export terminal at Coos Bay, Ore., announced that it has finalized the key commercial terms with JERA Co., Inc., (JERA) for the purchase by JERA of at least 1.5 million tonnes per annum of natural gas liquefaction capacity for an initial term of 20 years at the Jordan Cove LNG facility. JERA is a joint venture of Tokyo Electric Power Company, Inc., and Chubu Electric Power Co., Inc. The agreement is subject to the execution of a detailed liquefaction tolling agreement and the project obtaining applicable regulatory approvals. Veresen stated that negotiations with other parties for the remaining liquefaction capacity at the proposed terminal are ongoing. FERC recently rejected Jordan Cove Energy Project’s application to construct the terminal and interconnected pipeline for lack of market support.