4Gas and Keltic Petrochemicals Inc. to Advance Nova Scotia LNG Terminal

abarrelfullabarrelfull wrote on 04 May 2012 06:06

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Rotterdam, The Netherlands and Halifax, Nova Scotia, Canada - Today, Petroplus International B.V., and Keltic Petrochemicals Inc. announced the signing of a Memorandum of Understanding ("MOU") to advance development of the liquefied natural gas ("LNG") project at Goldboro, Nova Scotia (the "Nova Scotia Project"). This project, which has been under development for five years, will serve the substantial Canadian and U.S. gas markets.

As part of the new strategy of Petroplus, all the LNG activities of Petroplus will be operated on a stand-alone basis with a management team dedicated entirely to LNG and power in a new entity called "4Gas". This company will focus on developing and operating LNG terminals around the world. The step to invest in the Keltic project fits perfectly in the Atlantic Basin, as well as in Europe, and potentially in Asia in the future.

4Gas will also include the Dragon LNG project in Milford Haven, Wales (www.dragonlng.co.uk), and the LionGas project in Rotterdam, The Netherlands (www.liongas.nl/en) that are currently under development. Dragon LNG is expected to be operational in 2007, LionGas in 2009. The Nova Scotia project is also scheduled to be operational in 2009. The development of 4Gas complements the strategy of The Carlyle Group and Riverstone Holdings, LLC who will be major shareholders in 4Gas through their investment in RIVR Acquisition B.V., which is also the holding company of Petroplus. 4Gas will be managed by Mr. Paul van Poecke, who will be the CEO of 4Gas.

The Nova Scotia Project will include three (3) LNG storage tanks with a gross capacity of 160,000 m3 each, providing a sendout capacity of 1.0 bcf/d (10.34 bcm/a). The site has sufficient space and utilities available to add three (3) additional tanks for an increased total sendout capacity of 2.0 bcf/d (20.67 bcm/a). The Goldboro site will be designed to receive LNG Carriers (LNGC's) with capacities ranging from 75,000 m3 to the largest planned LNGC's (250,000 m3).

The Project's re-gasification terminal is to be located adjacent to the Maritimes and Northeast Pipeline intake station at Sable Island Gas Plant at Goldboro. The LNG terminal will be configured to support and supply necessary feedstock for Keltic's development of a world scale petrochemical complex on an adjacent site (www.kelticpetrochemicals.ca/).

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