Wednesday, 21 December 2016 15:11
Venture Global LNG to invest $8.5B for Plaquemines Parish terminal
 
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edwards capitolGov. John Bel Edwards and Venture Global LNG executives Bob Pender and Mike Sabel today announced the company will invest $8.5 billion to develop a natural gas liquefaction facility and LNG export terminal in Plaquemines Parish. Plaquemines LNG will be Venture Global’s second major natural gas liquefaction and export project in Louisiana, joining the $4.5 billion Calcasieu Pass project that was announced in Cameron Parish in December 2014 and is under development.

Plaquemines LNG will create 250 new direct jobs at an average annual salary of $70,000 per year, plus benefits. Louisiana Economic Development estimates that the project will result in an additional 728 new indirect jobs, for a total of more than 975 new jobs for Plaquemines Parish and the Southeast Region. The project also is expected to generate 2,200 construction jobs.

“GNO Inc. is thrilled to welcome Venture Global, a project representing close to 1,000 new well-paying jobs and major capital investment, to Plaquemines Parish,” Greater New Orleans Inc. President and CEO Michael Hecht said. “Venture Global will strengthen our region’s economy and send a strong signal that Louisiana remains one of the best choices for business because of its friendly business climate and unparalleled logistics.”

“We are happy to welcome Venture Global to Plaquemines Parish for its second multibillion-dollar LNG project in our state,” Gov. Edwards said. “The long-term prospects for the U.S. natural gas industry are bright, and Louisiana is well-positioned to capitalize on that success with ready access to natural gas supplies and deepwater access for shipping LNG to destinations worldwide. This facility will have a major impact on the local and regional economy, with hundreds of new high-paying jobs for our skilled workforce.”

Plaquemines LNG will be built to an export capacity of 20 million metric tons per year. The complex will be located on the west bank of the Mississippi River near Mile Marker 55, downriver of Myrtle Grove. The 632-acre site – about 30 miles south of New Orleans – includes 7,000 feet of river frontage and is owned by the Plaquemines Port Harbor and Terminal District.

“From the very inception of our LNG export terminal project in Cameron, Venture Global LNG was and remains convinced that Louisiana is the best place in the United States to develop such important infrastructure projects,” said Venture Global co-Chief Executive Officer Bob Pender said. “We have been delighted with the state’s supportive environment, unified regulatory approach, and skilled and qualified workforce. We are proud to now be developing a second LNG facility, to be located in Plaquemines Parish, Louisiana. Plaquemines LNG will invest billions in new facilities, equipment and labor and bring thousands of temporary and hundreds of permanent jobs to the state.”

“The support we received from the communities of Cameron and Plaquemines, along with a fair and consistent approach from regulators, reinforced our decision to expand our commitments in Louisiana,” added Venture Global Co-CEO Mike Sabel. “Together, Plaquemines LNG and Calcasieu Pass will supply the world’s growing demand for low-cost, clean and reliable North American energy.”

LED began discussions with Venture Global about the Plaquemines Parish project after the company’s announcement of the Calcasieu Pass LNG project in late 2014. The company is expected to utilize the state’s Quality Jobs and Industrial Tax Exemption programs.

“We are excited about welcoming Venture Global to Plaquemines Parish,” Plaquemines Parish Council Chairman-elect John Barthelemy said. “Venture Global will greatly increase our tax base and will help to diversify our economy, which has been overly dependent on oil and gas production.”

Venture Global announced its Calcasieu Pass LNG project at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico in Cameron Parish in December 2014. Production could begin by late 2019, and full operations are projected to start in 2020. That facility will produce 1.4 billion cubic feet per day of liquefied natural gas for export, with an annual capacity of 10 million metric tons.

“We have worked for nearly two years on Venture Global’s Plaquemines LNG project,” Plaquemines Port Executive Director Sandy Sanders said. “Venture Global has gone above and beyond in this process and we look forward to a long, mutually beneficial relationship with them.”

“This LNG development will most certainly create exceptional employment opportunities for our residents both during construction and at operating phase, as well as supporting substantial infrastructure upgrades to the area south of Myrtle Grove,” said Chairman Beau Black of the Plaquemines Port Harbor and Terminal District. “The port is also appreciative for the financial leverage that Venture Global is providing for the potential to increase the development goals of the port.”

Construction of the Plaquemines LNG project is expected to begin in 2018, once the project is authorized by the Federal Energy Regulatory Commission. Full operations are expected to begin in 2022.

About Venture Global LNG
Venture Global LNG plans to be a long-term, low-cost producer of LNG, capitalizing on low-cost natural gas production in the U.S. Venture Global LNG’s strategy uniquely utilizes a highly efficient, mid-scale LNG liquefaction technology.

For more information, visit www.venturegloballng.com.

 

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