Pembina Pipeline Corporation announces significant progress on Cedar LNG
Pembina Pipeline Corporation and its partner Haisla Nation announced significant progress has been made on the Cedar LNG project, including securing long-term commercial support and issuing a Notice to Proceed to to Samsung Heavy Industries and Black & Veatch. This will allow Cedar LNG to initiate the project financing process and Haisla Nation to begin the process of supporting its equity contributions ahead of a final investment decision, which is expected by mid-2024.
An agreement was signed with ARC Resources for a period of 20 years with a fixed payment in the amount of 1.5 million tons per year. In addition, Pembina entered into an identical agreement with Cedar LNG for 1.5 million tons per year. Pembina intends to transfer its capacity to a third party following a positive FID decision, with negotiations for a commercial sale ongoing with many other clients.
The project is a floating LNG production facility in Kitimat, British Columbia, on the traditional territory of the Haisla people. The project was originally planned as a 3.0 million ton per annum facility.
Pembina Pipeline Corporation is an energy transportation and midstream service provider. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business.
Cedar LNG is a partnership between the Haisla Nation and Pembina Pipeline Corporation to develop a floating LNG facility in Kitimat, British Columbia, Canada, within the traditional territory of the Haisla Nation. Strategically positioned to leverage Canada’s abundant natural gas supply and BC’s LNG infrastructure, Cedar LNG will be powered by renewable electricity from BC Hydro, making it one of the lowest carbon intensity LNG facilities in the world.
ARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations and leading ESG performance. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC's common shares trade on the Toronto Stock Exchange under the symbol ARX.
