Pieridae on track for final investment decision

By Helen Murphy    

GUYSBOROUGH – Pieridae Energy had predicted it would make its final investment decision for the $8 billion Goldboro LNG project by the end of 2016. The company confirmed to The Journal this week at it is still on track to meet that target.

Mark Brown, Pieridae’s vice president project development, said Sunday the final investment decision by year-end is still planned. A priority for the project proponent this year has been securing the business partnerships necessary for the mega-project to be built.

Another LNG project, Pacific NorthWest, captured headlines this past week by getting the federal government’s approval to proceed, with conditions. But that $27 billion project still faces a number of hurdles, including the concerns of Malaysian developer Petronas over changing market conditions.

Brown said Pieridae is “not in the same position as Petronas as we are dealing in a different market, selling to a secured customer.” Pieridae signed a 20-year purchase agreement with Europe’s E.ON Global Commodities SE in 2013.