Wednesday, May 5, 2010

Liquified Natural Gas Port and Pipeline



Bradford Landing LNG port and pipeline deal is "suspended". I believe the business term is "sunk costs".

NorthernStar Natural Gas Inc. said Tuesday that it is suspending efforts to develop a liquefied natural gas import terminal on the Columbia River, 25 miles east of Astoria. The announcement ends a six-year effort that consumed as much as $100 million of investors' capital and countless hours of regulatory work while sparking a firestorm of public opposition from property owners and environmentalists. The Houston-based energy development company sent out a one-page news release Tuesday afternoon quoting NorthernStar President Paul Soanes saying extended delays in state and federal permitting and the difficult investment environment "have forced us to suspend development." The company characterized its move as a "suspension" of the project, not a termination. It did not return follow-up calls on Tuesday.

No comments:

Post a Comment