Canada's NEB issues import, export licences to Pieridae Energy

HALIFAX, Canada -- Pieridae Energy (Canada) Ltd. has been issued long-term licenses by the National Energy Board of Canada to import natural gas from the U.S. and to export LNG from Canada.

The licenses issued with terms and conditions on Aug. 13 were granted in response to an application by Pieridae submitted on Oct. 24, 2014, to the National Energy Board. The natural gas imported from the U.S. and natural gas supplied from Canadian sources will be processed at the proposed Goldboro LNG facility to be located in Goldboro, Nova Scotia, and exported from Canada as LNG for delivery to Europe and other countries.

Alfred Sorensen, president and CEO of Pieridae, said, "We're happy to have achieved another significant milestone for the Goldboro LNG development. We will continue to work with the National Energy Board and project regulators as we advance this project. We're also on track to complete our supply acquisition this year, and each step brings us closer to our final investment decision."

The term of the export license is for 20 years starting from the date of first export with a maximum annual export capacity of 16.675 Bcm. The import license is also for a 20-year term starting from the date of first import and has a maximum annual import volume of 11.845 Bcm.

In May 2015, Pieridae Energy (U.S.), a corporation affiliated with Pieridae, received authorization from the Department of Energy of the U.S. to export natural gas to Canada for end use in Canada and for further export to countries with which the U.S. has free trade agreements for trade in natural gas.

Pieridae has a 20-year sales agreement with European-based E.ON Global Commodities SE, a subsidiary of one of the world's largest investor-owned power and gas companies, to deliver approximately 5 million metric tons per annum of LNG produced from the proposed Goldboro LNG facility.

Pieridae plans to make a final investment decision on the Goldboro LNG project in 2016.