The Canadian company behind the Jordan Cove liquefied natural gas project is getting bigger. A larger Canadian energy company announced plans to buy it for nearly $7 billion U.S. dollars.
In a deal announced this week, Pembina Pipeline Corp will acquire Veresen. Veresen is the energy company that wants to build the export terminal near Coos Bay in southern Oregon. Veresen is also proposing a 235-mile-long pipeline that would tie the terminal to natural gas supplies in the inland West. The pipeline route runs across public and private land in four Oregon counties.
In a media call Monday announcing the merger, the companies indicated that their combined financial strength puts them in a better position to get the Jordan Cove project done.
Federal energy regulators blocked Veresen's bid to build the terminal and pipeline last year, but the company has re-applied and hopes to get a better reception from the Trump Administration. An administration official voiced support last month for the project.
Local efforts to block the Jordan Cove project continue. Landowners along the pipeline route have been outspoken in their opposition to the use of eminent domain. Climate activists oppose further fossil fuel development. And some community members have argued that Oregon is taking on all the safety risk for the pipeline and terminal, but most of the reward will be reaped in Canada.
The merger of Pembina and Veresen will create one of the largest energy infrastructures in Canada. Pembina expects the merger to be finalized by the end of the year.