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Veresen Inc. T.VSN.DB.B



TSX:VSN.DB.B - Post by User

Post by Windyhillon Jan 26, 2017 6:37am
311 Views
Post# 25756812

VSN - Letter off to TRUMP regarding Jordan Cove

VSN - Letter off to TRUMP regarding Jordan CoveNews of Letter published yesterday. G.L.T.A

Letter to Trump: Move quickly on Jordan Cove project

A priority for President Donald J. Trump should be to appoint two Republicans to the Federal Energy Regulatory Commission, which could revive the Jordan Cove project, nine members of the U.S. House said in a letter sent Wednesday to the president.

The Jordan Cove project to build an export terminal for liquefied natural gas, as well as the associated Pacific Connector pipeline from Wyoming to the Oregon coast, should rank high on the president’s to-do list, said the letter written by U.S. Rep. Scott Tipton, R-Colo., and signed by seven other western Republicans and Rep. Kurt Schrader, D-Ore.

“The Jordan Cove Project and its associated gas production activities will create many well-paying jobs in western communities that desperately need and will happily welcome them,” the letter said, “It will generate vast revenues for state and local coffers to fund vital infrastructure construction and maintenance, in addition to revenue for the federal Treasury; and it will supply key allies with American energy developed by the American worker in the most environmentally responsible way.”

The three current members of the commission are Democrats who turned town the $7.3 billion Jordan Cove project last spring, but kept open the file for reconsideration. In December, the commission said it wouldn’t reconsider its action. Veresen Inc., which is proposing the project, has said it would refile.

The commission seats most recently held by Republicans have been vacant since 2015, the congressional letter said.

Much has changed since the commission first ruled against the project, the representatives noted.

While the commission originally rejected the project saying that proponents had failed to demonstrate any need, agreements to sell liquefied natural gas to buyers in Japan could account for 75 percent of the pipeline capacity and 50 percent of the terminal’s, the letter said.

During the same time, the U.S. Geological Survey said that the Piceance Basin in Colorado contains 66 trillion cubic feet of natural gas, more than 40 times the previous estimate.

“It is therefore quite clear that not only is there a significant market demand for LNG from the Jordan Cove project, but that our nation has the resources to easily meet that demand without jeopardizing our own energy needs,” the letter said.

Other signers of the letter include Ken Buck and Doug Lamborn of Colorado, Jason Chaffetz, Mia Love and Chris Stewart of Utah, Liz Cheney of Wyoming and Paul Gosar of Arizona.

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