U.S. markets closed
  • S&P 500

    4,163.26
    -22.21 (-0.53%)
     
  • Dow 30

    34,077.63
    -123.04 (-0.36%)
     
  • Nasdaq

    13,914.77
    -137.58 (-0.98%)
     
  • Russell 2000

    2,232.00
    -30.67 (-1.36%)
     
  • Crude Oil

    63.43
    +0.30 (+0.48%)
     
  • Gold

    1,770.40
    -9.80 (-0.55%)
     
  • Silver

    25.86
    -0.24 (-0.92%)
     
  • EUR/USD

    1.2041
    +0.0061 (+0.51%)
     
  • 10-Yr Bond

    1.6010
    +0.0280 (+1.78%)
     
  • GBP/USD

    1.3988
    +0.0148 (+1.07%)
     
  • USD/JPY

    108.1320
    -0.6510 (-0.60%)
     
  • BTC-USD

    56,156.71
    +374.02 (+0.67%)
     
  • CMC Crypto 200

    1,272.26
    -26.70 (-2.06%)
     
  • FTSE 100

    7,000.08
    -19.45 (-0.28%)
     
  • Nikkei 225

    29,685.37
    +2.00 (+0.01%)
     

Pembina can no longer predict start date for Oregon Jordan Cove LNG

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Feb 26 (Reuters) - Canadian energy company Pembina Pipeline Corp said it could no longer specify a future start date for the proposed Jordan Cove liquefied natural gas (LNG) export plant in Oregon.

Pembina said late Thursday in its fourth-quarter earnings report that it recognized a C$1.6 billion impairment in the value of certain assets, including a petrochemical project, investments in the Wyoming-to-Oregon Ruby gas pipe and Jordan Cove.

"We believe the time for these projects may come; however, we can sadly no longer predict with certainty when that time will be," the company said.

The US$8 billion Jordan Cove is one of several major energy projects that received strong support from former U.S. President Donald Trump but have since failed to move forward.

Others examples include TC Energy Corp's $8 billion Keystone XL crude pipe, Williams Cos Inc's roughly $1 billion Constitution gas pipe and Dominion Energy Inc's $8 billion Atlantic Coast gas pipe.

Federal energy regulators approved construction of Jordan Cove in March 2020, but the project failed to receive water permits from Oregon amid opposition from Native American tribes and environmental and local groups.

Backers of Jordan Cove emphasized that its position on the U.S. West Coast puts it closer to fast-growing Asian markets than Gulf Coast terminals, which have to send LNG through the recently-congested Panama Canal. They had hoped the project would be operational by 2025.

Jordan Cove is designed to produce around 7.5 million tonnes per annum of LNG, equivalent to about 1 billion cubic feet per day of gas, or enough to supply about five million U.S. homes for a day.

Jordan Cove is one of more than three dozen LNG export projects under development in the United States, Canada and Mexico.

Analysts, however, expect only a handful of those projects to enter service over the next decade.

(Reporting by Scott DiSavino; editing by David Evans)