BC LNG Denies Agreement with EXMAR for Douglas Channel Terminal Barge

BC LNG released statement clarifying that contrary to news reports, the sponsors of the proposed BC LNG floating export terminal (FSLU) project at Douglas Channel, British Columbia have not “given any approval to EXMAR for supply of a barge or for direct participation in the relevant project entities and to date has not had any discussions of any kind with EXMAR for the furtherance of such a transaction.”

Separately, EXMAR and LNG Partners, one of the members of the BC LNG pre-Final Investment Decision steering committee, announced today that they have invested in a joint venture company named Marching Prospect Limited, which will acquire interests in the project upstream of the Douglas Channel FSLU.  The companies also announced that EXMAR has made a loan of CAD$50,000,000 to finance a non-refundable deposit for construction of the FSLU. LNG Partners has also granted EXMAR the option to purchase 50% of the LNG cargoes to be produced by the FSLU and EXMAR has granted LNG Partners as well as the other parties currently involved with the Project an option to acquire an interest in the FSLU. Read more in the Upstream article.

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