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Be the first with the news that moves the market- Pembina Pipeline (TSX:PPL) has received approval from the US Federal Energy Regulatory Commission (FERC) for its Jordan Cove LNG Project
- The project, purchased by Pembina in 2017, is the first US west-coast LNG export facility to be approved by FERC
- Jordan Cove will include a 229-mile pipeline spanning four counties in Southern Oregon
- The company says that the facility will bring “tremendous economic benefits” to the state of Oregon and Western Colorado
- Pembina Pipeline (PPL) finished trading today up 22.95 per cent to C$20.36 per share, with a market cap of $11.18 billion
Pembina Pipeline (TSX:PPL) has received approval from the US Federal Energy Regulatory Commission (FERC) for its Jordan Cove LNG Project.
Pembina acquired the site in late 2017 and has since then been working to obtain extensive local, state and federal regulatory approvals.
The proposed facility will include a liquified natural gas terminal and Pacific Connector Gas Pipeline, which will span 229 miles across four counties in Southern Oregon.
Receipt of the approval is a significant milestone, marking the first US west-coast LNG export facility to be approved by FERC.
Natural gas will be sourced at the Malin Hub, creating a new outlet for natural gas from areas such as the Rockies Basin. The export terminal will be located in Coos Bay, Oregon.
Pembina was quick to point out that the Jordan Cove Project will bring “tremendous economic benefits” to Oregon and Western Colorado, and will serve as a replacement for coal in Asia.
Harry Andersen, Senior Vice President and Chief Legal Officer of Pembina Pipeline, believes the approval is the most significant step forward for the project since it was originally acquired.
“The approval emphasizes yet again that Jordan Cove is environmentally responsible and is a project that should be permitted given a prudent regulatory and legal process was undertaken.
“The FERC’s decision is due in no small part to our many supporters who have turned out time and time again to voice their support for Jordan Cove and to show that the Project is in the public interest, including in Southern Oregon and the Rockies Basin,” he said.
FERC is comprised of three appointed Commissioners and oversees the review of proposals to build interstate natural gas pipelines, storage projects and LNG terminals.
Pembina Pipeline (PPL) finished trading today up 22.95 per cent to C$20.36 per share, with a market cap of $11.18 billion.
