Liquefied Natural Gas Ltd (ASX:LNG; OTC ADR:LNGLY) has today said that its 100% owned subsidiary, Bear Head LNG Corporation, Inc. (Bear Head LNG), has reached an agreement to purchase additional land from Nova Scotia Business Inc. (NSBI).
The land purchase will support expansion of its proposed liquefied natural gas (LNG) facility on the Strait of Canso in Richmond County, Nova Scotia.
Maurice Brand, President of Bear Head LNG, commented: “The acquisition of additional land is very important for our project.
"It enables us to increase the capacity of the LNG facility from a nominal eight million tonnes per annum (mtpa) up to 12 mtpa in 2024, as per our approval from the National Energy Board.
“Over the past couple of years, Bear Head LNG has made significant progress on the project by obtaining regulatory certainty.
"This agreement between Bear Head LNG and NSBI is important for future development and planning, thus facilitating economic growth and job creation in the Strait region.”
Under the agreement reached with NSBI, Bear Head LNG will acquire an additional 72-acres of land directly adjacent to its existing 255-acre site on the Strait of Canso.
Warren Olsen, CAO, Richmond County Municipality, added: “We are pleased to work with Bear Head LNG, which is involved in a growing and vital LNG export sector in North America.
“Bear Head LNG is committed to supporting the local economy in Nova Scotia that will provide substantial economic and social benefits for the community, First Nations, and Nova Scotia."
Bear Head LNG has approval from the US Department of Energy to export US-sourced natural gas to both nations that do (FTA) and nations that do not have free trade agreements (Non‐FTA) with the US.
Canada’s National Energy Board has granted Bear Head LNG approval to export up to 12 million tonnes per annum of LNG. Further, Bear Head LNG has all the initial federal, provincial, and municipal regulatory approvals required to begin project construction.
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