⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Oregon county to vote on blocking natural gas terminal

Published 2017-05-16, 06:00 a/m
© Reuters.  Oregon county to vote on blocking natural gas terminal
WFC
-
NG
-
VSN
-
LNG
-

By Tom James

SEATTLE, May 16 (Reuters) - A coastal Oregon county will vote Tuesday on a ballot measure to block a proposed natural gas terminal, the latest in a series of efforts to thwart energy projects across the Pacific Northwest.

The measure would ban transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland.

Backers have called the initiative a response to a $7.6 billion proposal by Calgary-based Veresen Inc VSN.TO , to build a facility in the county where natural gas would be liquefied and transferred to tanker ships for sale abroad. They have cast the measure as a local refusal to contribute to global warming.

Should the ban pass, it could bring the county into conflict with the administration of President Donald Trump. Gary Cohn, head of the National Energy Council, in April singled out the Veresen project as a priority for the administration.

The Coos County initiative is part of regional resistance in the Northwest to fossil fuel projects that has seen the blockage of several major export facilities.

Last year, the Lummi Nation Native American tribe and environmental groups blocked an export terminal in Northwest Washington state that would have moved Montana and Wyoming coal to markets in Asia.

In January, Washington State denied a permit for a coal export terminal in the city of Longview, citing concerns about the financial viability of the project.

In February, bowing to pressure from activists, Seattle's city council voted to divest approximately $3 billion from Wells Fargo (NYSE:WFC), citing concerns over the bank's support of the North Dakota Access Pipeline, among other factors.

Passage of the Coos Bay measure would be another blow for liquid natural gas projects on the West Coast, even as depots in other areas of the country have moved forward.

Cheniere Energy Inc LNG.A opened a port in Louisiana last year and several other companies are set to open projects on the Gulf Coast in 2018 and 2019. Dominion Energy Inc D.N plans to open the Cove Point LNG port in Maryland later this year.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.