LAGUNA BEACH, CA, and HOUSTON, TX / ACCESSWIRE / December 17, 2014 / SCT&E LNG announced today that it has been granted authorization from the Department of Energy (DOE) to export liquefied natural gas (LNG) to countries with whom the United States has a Free Trade Agreement (FTA) for a period of 30 years. The DOE conducted an extensive, careful review of the application to export LNG from the future SCT&E LNG Export Terminal and determined that exports from the SCT&E LNG Terminal are not inconsistent with the public interest. From its proposed 246 acre LNG project site on Monkey Island in Cameron Parish, Louisiana, SCT&E LNG plans to liquefy approximately 1.6 billion cubic feet of natural gas per day to produce approximately 12 million metric tons per annum (mtpa) of domestically produced LNG.
The DOE approval for SCT&E LNG's multi-contract authorization is an important regulatory milestone in the development of a project that will bestow much needed economic growth in Southwestern Louisiana and, more particularly, the community of Cameron Parish. The project is expected to bring millions of dollars in tax revenues to the local, state, and federal government. It will also support over 23,000 jobs nationwide and contribute to the energy security of key U.S. trading partners. The $9.2 billion SCT&E LNG project will create more than 2,000 direct construction jobs and more than 200 high paying permanent local jobs. SCT&E LNG CEO, Greg Michaels, reports, "We are extremely pleased with the DOE's approval at this time." Michaels goes on to say, "Those that are concerned about climate change should also be extremely pleased with this approval. This project will be a substantial component to the international transition from the burning of traditional dirty fuels to clean burning natural gas."
At the next stage of the project, SCT&E LNG seeks to obtain approval from the Federal Energy Regulatory Commission (FERC) for siting, construction, and operation of its LNG facilities. During this FERC process, SCT&E LNG will also need to achieve National Environmental Policy Act (NEPA) compliance. A final regulatory step involves the non-additive approval from the DOE for export authorization of 12 mtpa to non-Free Trade countries such as China, India, and a number of European countries. During the FERC process, a number of other agency approvals are necessary before the project can commence construction.
SCT&E LNG is currently in the process of developing a $40 million Private Offering for investment into the company. The Offering is for the early stage development of the project, including the FERC process. After the $40 million Private Offering is complete, the company has plans for an initial public offering (IPO).
About SCT&E LNG:
Originally established by Southern California Telephone Company, a successful twenty-year, privately owned United States Public Utility Company, SCT&E LNG was created for the development of a Liquefied Natural Gas (LNG) Liquifaction and Export Terminal. The SCT&E LNG project is currently modeled as an LNG Tolling Facility utilizing cryogenic technologies to liquefy natural gas for the exportation of natural gas globally. Plainly stated, SCT&E LNG plans to liquefy approximately 1.60 billion cubic feet per day of natural gas to create approximately 12 million tons per annum of LNG at its future facilities on Monkey Island, Cameron Parish, Louisiana. Southern California Telephone Company, doing business today as SCT&E, includes its subsidiary North Energy Central whose principals have built over $5 billion in power generation projects worldwide. Originally founded in 1994 by CEO Greg Michaels, SCT&E is a vertically integrated Telephone, Energy, and Power Generation Corporation, offering Telecommunication Services as well as Energy Services, including renewable energy and energy efficiency solutions, thus blending the world of utility mediums.
SCT&Ehas multiple locations, with its corporate office headquartered in Temecula, California. SCT&E owns and operates a redundant telecommunications network and maintains facilities on both coasts of the United States. SCT&E holds a U.S. Federal Energy Regulatory Commission (FERC) Authority allowing it to buy and sell energy nationwide in both the wholesale and retail markets.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks, uncertainties, and assumptions that include expected earnings, future growth and financial performance, and typically can be identified by the use of words such as "expect", "estimate", "anticipate", "forecast", "plan", "believe", "optimistic", "intend", "will", and similar terms. Although SCT&E LNG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially from those anticipated in these forward-looking statements. A variety of factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the oil, gas and LNG industries, weather conditions, competition and developments in oil, gas and LNG markets beyond the Company's control, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the oil, gas and LNG markets, changes in government regulations of markets and of environmental emissions, the condition of capital markets generally, securitization of sufficient capital or a strategic business arrangement to fund its plan of operation, the Company's ability to access capital markets, management resources and infrastructure necessary to support the growth of its business, unanticipated facilities outages, adverse results in current and future litigation, failure to identify or successfully implement acquisitions (including receipt of third party consents and regulatory approvals), failure to acquire or transact on off-take agreements, andother risk factors related to the liquefied natural gas and related and connected business.
All forward-looking statements attributable to SCT&E LNG or persons acting on its behalf are expressly qualified in their entirety by these factors. SCT&E LNG undertakes no obligation to update or revise any forward-looking statements, other than as required under applicable securities laws, whether as a result of new information, future events or otherwise. The foregoing factors could cause SCT&E LNG's actual results to differ materially from those contemplated in the forward-looking statements included in this news release and should be considered in connection with information regarding risks and uncertainties that may affect SCT&E LNG's future results.
SOURCE: SCT&E LNG