Cedar LNG Executes Heads of Agreement with Samsung Heavy Industries, Black & Veatch
KITIMAT, BC, Nov. 14, 2023 /CNW/ - The Haisla Nation and Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA), partners in the development of the proposed Cedar LNG Project ("Cedar LNG" or the "Project"), are pleased to announce the signing of a heads of agreement ("HOA") with Samsung Heavy Industries ("SHI") and Black & Veatch.
The HOA provides Cedar LNG, on an exclusive basis with SHI and Black & Veatch, secure access to shipyard capacity to meet Cedar LNG's target commercial operations date. The parties expect to finalize a lump sum engineering, procurement, and construction agreement in December of this year.
"This exclusive relationship with SHI and Black & Veatch to lock in shipyard capacity for the construction of the Cedar LNG FLNG vessel is a major step forward for our project," said Doug Arnell, Cedar LNG Chief Executive Officer. "Through this agreement we are accessing world class expertise in the construction and delivery of floating LNG production vessels, which, together with renewable power from the BC Hydro grid, will result in an environmentally leading, state-of-the-art facility for Cedar LNG, with one of the lowest carbon footprints in the world."
This agreement builds further momentum for the Project and follows receipt of all major regulatory approvals and the signing of memorandums of understanding for long-term liquefaction services with investment grade counterparties for the Project's total LNG capacity.
Target Final Investment Decision (FID) continues to be by the end of 2023, however, given the complexity and sequencing of aligning the multiple work streams, which are required to facilitate Project financing, FID may move into early 2024.
The Cedar LNG Project is a partnership between the Haisla Nation and Pembina Pipeline Corporation to develop a floating liquefied natural gas facility in Kitimat, British Columbia, Canada, within the traditional territory of the Haisla Nation. Strategically positioned to leverage Canada's abundant natural gas supply and BC's LNG infrastructure, Cedar LNG will be powered by renewable electricity from BC Hydro, making it one of the lowest carbon intensity LNG facilities in the world. More information on Cedar LNG can be found at www.cedarlng.com.
The Haisla Nation is the band government of the Haisla people. Our mission is to build a powerful, prosperous and proud community, healthy in mind, body and spirit. We believe in building a strong and thriving community, with healthy and happy members and a sustained and prosperous environment. We are about 1700 people, with the majority living in Kitamaat Village. We have lived off the land and waters of our traditional territory for thousands of years, and it remains the focus of all we do. We believe that careful and appropriate economic development will bring our people necessary self-sufficiency. Sustainable and realistic economic opportunities are increasingly available and promise benefits for our people – and for every British Columbian. We know that in order to attain strength and independence our Nation must work together – with government, business, the community, and internally – with a spirit of respect and partnership. For more information, visit www.haisla.ca.
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, visit www.pembina.com.
Certain information contained in this press release may be "forward-looking" in nature and is based on the Cedar LNG project partner's current expectations, estimates, judgments and projections. All statements, other than statements of historical fact, which address activities, events or developments that the Cedar LNG project partners expect or anticipate may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "estimate", "anticipate", "believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. The Cedar LNG project partners make no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking information contained herein is made as of the date hereof, unless otherwise noted, and the Cedar LNG project partners do not undertake any obligation to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
SOURCE Cedar LNG
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