Canadian LNG developer Pieridae widens loss

Canada’s Pieridae Energy, the developer of the multi-billion dollar Goldboro LNG export project, has posted a wider quarterly loss as it continues to invest in the proposed liquefaction facility in Nova Scotia.

Pieridae reported a net loss of $2.7 million in the second quarter of this year, compared with $1.5 million for the three-month period ended June 30, 2017.

The company said this was mainly due to increased salaries, share-based compensation as well as Goldboro LNG engineering and land clearing expenses.

Pieridae noted in its quarterly report it still expects to make a positive financial investment decision on the Goldboro LNG facility by the end of this year.

The facility is the only LNG project on Canada’s east coast that has both permits for its current stage of development and an offtake customer, Uniper, according to Pieridae.

The facility could become the first liquefaction project to be constructed in Canada.

It is expected to produce about 10 million tonnes of LNG per year and have on-site storage capacity of 690,000 cubic meters of LNG.

LNG World News Staff