Pieridae Energy Announces Term Sheet for LNG Sale and Purchase Agreement With European Utility

Pieridae Energy Limited  is pleased to announce it has entered into a term sheet to negotiate a binding liquefied natural gas (LNG) sale and purchase agreement (“SPA”) to supply Canadian-sourced liquefied natural gas to Europe from the Second Train of the Goldboro liquefaction facility in Nova Scotia.

Under the term sheet with Pieridae, the offtaker will purchase up to 1 million tonnes per annum of LNG. This contract is scheduled to begin from the Start of Commercial Deliveries (currently estimated to be the first quarter of 2023) and last for a 10-year period.

“After having contracted the entire output from Train 1 with Uniper, this agreement moves Pieridae another step closer to the final investment decision on Train 2, which would bring much-needed jobs and other economic benefits to Nova Scotia and Canada,” said Alfred Sorensen CEO for Pieridae Energy Limited.

“We are seeing a growing interest from utilities in Europe and beyond, for reliable and stable LNG offtakes, that can contribute to increase security of supply as well as diversify price and volume risk in their portfolios,” said Riccardo Bortolotti, Managing Director of Business Development for Pieridae in London.

Source: Pieridae Energy Limited
Date: May 7, 2018