In a statement issued in Portland today, Oregon LNG applauded the
execution of a three-month stay agreement between Oregon LNG and the
Department of Land Conservation and Development (DLCD) of the state of
Oregon with respect to its completed Coastal Zone Management Act (CZMA)
application. Oregon LNG has proposed a $6-plus billion liquefied natural
gas (LNG) terminal and associated pipeline which will be sited near the
mouth of the Columbia River in Warrenton, Oregon. Peter Hansen, CEO of
Oregon LNG, stated: “The project remains on track to receive most of its
federal permits by the end of 2014, making Oregon LNG one of the first
LNG export projects on the West Coast of North America. We are excited
about the economic progress, exports, and clean energy that this project
will provide to the Pacific Northwest and the world.”
The CZMA is the primary regulatory construct under which coastal cities,
counties, and state and federal agencies administer Oregon’s federally
approved Coastal Management Program. On July 3, 2013, the state of
Oregon determined that the application of Oregon LNG for a consistency
determination from the state of Oregon under the CZMA was complete.
Under the CZMA, the state of Oregon has six months to make a consistency
determination for a project once its application is deemed to be
complete.
Under the stay agreement, Oregon LNG will work closely with the state of
Oregon to ensure that its application contains necessary data and
information for the state to make a consistency determination. Hansen
stated: “Although the review was to be completed on January 3, we
appreciate the recent efforts of the state of Oregon to clarify the
enforceable policies that govern the issuance of CZMA decisions. We will
continue to work closely with DLCD and other key stakeholders to deliver
the necessary data and information that will enable the project to
receive a consistency determination at the earliest possible time. The
stay agreement will enable all parties to work constructively together
to achieve this result.”
Once built, the project will represent the largest private development
in Oregon’s history. The project is anticipated to result in $6.3
billion in direct spending during construction, another approximately $3
billion in related economic stimulus, and provide the state and local
governments with high-value jobs and much needed tax revenues.
Expected economic benefits will reach nearly $60 million annually in
state and local property tax revenues over the life of the project and
will provide nearly 3,000 family-wage jobs during construction and an
estimated 1,550 direct and indirect or induced permanent jobs. In
addition, the project will dramatically upgrade the region’s natural gas
infrastructure, providing a more reliable supply of natural gas
throughout the Pacific Northwest.
Oregon LNG has commitment letters with several construction unions in
the Pacific Northwest, agreeing to hire contractors who use union labor.
In addition, certain contracting funds are reserved for local small
business, and women and minority owned contractors. Doug Tweedy,
Executive Secretary Treasurer/CEO of the Pacific Northwest Regional
Council of Carpenters, stated: “We look forward to the opportunities
this project will bring; not only through the thousands of union jobs
during the construction process, but the good permanent family wage jobs
which are vital to the Northern Oregon Coastal economy, and the State’s
revenue by increasing its tax base for years to come.”
About Oregon LNG
LNG Development Company, LLC (d/b/a Oregon LNG) is a subsidiary of
Leucadia National Corporation. Oregon LNG is a company committed to the
safe, efficient, and environmentally responsible importation and
exportation of natural gas in the form of LNG. For more information
about Oregon LNG, please visit www.oregonlng.com.
About Oregon Pipeline
Oregon Pipeline Company, LLC is an indirect wholly-owned subsidiary of
Leucadia National Corporation and is an affiliate of Oregon LNG. Oregon
Pipeline, LLC is proposing the construction and operation of an
86.8-mile long pipeline, connecting the Oregon LNG terminal with the
Northwest Pipeline in Woodland, Washington. For more information about
Oregon Pipeline, please visit www.oregonpipelinecompany.com.
About Leucadia National Corporation
Leucadia National Corporation (NYSE: LUK) is a diversified holding
company engaged through its consolidated subsidiaries in a variety of
businesses, including investment banking, beef processing, manufacturing
and energy-related projects. The Company also owns significant equity
interests in various operating businesses that are not consolidated
subsidiaries including a commercial mortgage banking business,
automobile dealerships, telecommunications services and real estate
activities. For more information about Leucadia National Corporation,
please visit www.leucadia.com.
Copyright Business Wire 2013