Veresen Announces Another Preliminary Agreement For Jordan Cove LNG Volumes
Veresen Inc. announced that it has reached a preliminary agreement on key terms for the purchase by Japanese company, ITOCHU Corporation, of 1.5 million tonnes per annum of natural gas liquefaction capacity at the proposed Jordan Cove Energy Project at Coos Bay, Ore. for an initial term of 20 years. According to the press release, the agreement is subject to the negotiation of a liquefaction tolling agreement. Veresen states that it has now concluded key commercial terms for at least 3 million tonnes per annum of natural gas liquefaction capacity and negotiations for the remaining liquefaction capacity are ongoing with other parties. By way of background, FERC rejected Jordan Cove Energy Project’s LNG export terminal and interconnected pipeline applications this past March due to lack of market support.