AltaGas poised to help save Douglas Channel LNG project


AltaGas (ATGFF) could step in to help salvage a proposed natural gas export terminal planned for Canada’s west coast, as the project’s Texas-based owners seek to rescue the development from insolvency, FP reports.

P-E firm LNG Partners sought a court-sanctioned reorganization for the Douglas Channel LNG project in October after it effectively ran out of money; the owners now are poised to chop the venture in two as part of efforts to resolve a dispute with other investors in the project.

Under a proposed deal, AltaGas would head up a British Columbia project, while Haisla First Nation, a Douglas Channel joint venture, would develop a separate project with Golar LNG (GLNG, GMLP).

The original export license, awarded in 2012, gives the venture permission to export up to 1.8M metric tons/year of natural gas.

Comments (2)
  • Hendershott
    , contributor
    Comments (1741) | Send Message
     
    Canadian LNG projects continue to struggle leaving Cheniere in an enviable position.
    13 Mar 2014, 08:15 PM Reply Like
  • surfgeezer
    , contributor
    Comments (9904) | Send Message
     
    Veresen has a development in Oregon, first in line for next approval that has signed up Golar also for take away. FCGYF
    15 Mar 2014, 01:46 AM Reply Like
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