Pembina Pipeline Takes Impairment on Jordan Cove
Feb 25, 2021 11:02:pm
Summary
by: Dale Lunan
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Pembina Pipeline Takes Impairment on Jordan Cove
Pembina Pipeline, the Canadian midstream operator proposing the 7.8mn mt/yr Jordan Cove LNG export terminal, has taken a C$349 (US$277)mn impairment on the project, it said February 25 while releasing its Q4 2020 financial results.
The impairment includes all previously-capitalized amounts related to Jordan Cove, except for land with a recoverable carrying amount of $21mn.
Jordan Cove LNG, which Pembina acquired in 2017 when it bought midstreamer Veresen, has been beset by landowner opposition and difficulties acquiring key Oregon state permits.