NOVA SCOTIA, May 5, 2017 /CNW/ - Pieridae Energy Limited ("Pieridae" or the "Company") announced today the Goldboro LNG Project Special Needs Collective Agreement. Per the requirements of the Construction Projects Labour Relations Act, the agreement was reached on October 10, 2016, and was ratified and signed as of May 3, 2017, by the Nova Scotia Construction Labour Relations Association (CLRA) and by 85% of the building trades expected to be involved in the project's construction. The agreement must go to the Labour Board for final approval. In the near future, Pieridae and the CLRA will request that the Labour Board declare the agreement to be a project agreement and declare the project agreement in effect for the Goldboro LNG facility project.
The agreement provides Pieridae with a higher degree of cost certainty for the construction phase, and reduces the overall risk for Pieridae in planning the final construction of the Goldboro LNG facility.
Pieridae is a privately controlled Canadian corporation based in Calgary (Alberta) focused on the integrated LNG sector. Pieridae's business is targeting the next wave of LNG production, post 2020. Pieridae has sold 50% of Goldboro's initial capacity pursuant to a 20-year, take-or-pay contract to Uniper SE, Germany's largest utility. Pieridae forecasts continuing significant growth in international and domestic markets for liquefied natural gas as consumers look to replace oil with cleaner burning natural gas in the electricity and transportation sectors.
The Goldboro LNG Processing Facility
The Goldboro LNG facility is located at the Goldboro Industrial Park in Goldboro, Nova Scotia. It will be able to produce up to 10 million metric tons per annum (MMTPA) of LNG. The facility will be able to handle LNG carriers up to 250 000 m3. The Goldboro facility has its Environment Assessment Approval, its National Energy Board LNG export permit and US Department of Energy LNG Free Trade Agreement, Non-Free Trade Agreement permits and US Department of Energy Statement on Energy in Transit between Canada and the US.
For additional information regarding Pieridae and the Goldboro LNG project, refer to: www.PieridaeEnergy.com.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pieridae and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered considering the content or implications or statements made by Pieridae. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pieridae disclaims any intention or obligation to update these forward-looking statements.
SOURCE Pieridae Energy Limited
For further information: Pieridae Energy Limited: Mark Brown, Director, Project Development, 902.492.4044, firstname.lastname@example.org, www.pieridaeenergy.com; Media Inquiries: Shauna MacDonald, Brookline Public Relations, 403.538.5645 ext. 101, 403.585.4570, email@example.com