GUYSBOROUGH: As an LNG company moves closer to an investment decision, a local warden said he feels confident the project is a good fit for the area.
“I think that were are probably going to be the next final investment decision that is made in North America, mainly because we have most of the major pieces of the puzzle in place to make a decision sometime later this year,” said Pieridae Energy CEO Alfred Sorensen in a recent interview with media.
Pieridae is the parent company behind the proposed Goldboro LNG project, which would consist of a processing plant and facilities for the storage and export of LNG, including a marine jetty. The facility is anticipated to produce approximately 10 million tonnes per annum (MTPA) of LNG and have on-site storage capacity of 690,000 cubic metres of LNG. Sorensen listed the price tag of the project at around $7.5 billion.
A January 16 report from Laurentian Bank Securities gives Pieridae Energy Limited a speculative buy rating, with speculative stocks being stocks with a high degree of risk, with a target price of $8.50. Pieridae Energy, as of January 26, is listed on the Toronto Stock Exchange at $5.15 per share.
“The report basically shows where Pieridae is today, as opposed to where there were yesterday, one year ago, two years ago, three years ago,” said Guysborough Warden Vernon Pitts. “It gives a forecast into the future, how they’re going to raise their money, where they’re going to get their gas supply, where the project is going to take place, and it’s all good. It’s very positive.”
Pitts said the community is open to the Pieridae project.
“They’ve been dealing with it for over 20 years,” Pitts said of residents. “They’re cultivating a very good working relationship with Pieridae going forward. It’s a win-win.”