Surprise announcement buried in 2nd quarter financial report

7/31/2014

    A large US energy company has bailed out of a proposed LNG project in Kitimat.

Apache Corporation, based in Houston, Texas,  says it’s leaving the project — which was a joint development with Chevron — even though more work has been done on this proposal than on any other natural gas export facility planned for the West Coast.

Site clearing is already underway on Haisla land at Bish Cove.   It was to be supplied by the proposed Pacific Trails Pipeline.

Apache has been under pressure from New York hedge fund Jana Partners LLC, an activist investor, to sell assets outside of the United States.

The terminal was to be supplied by the proposed Pacific Trails Pipeline.

Apache says it is also pulling out of a major liquefied natural gas project in Australia.

The company’s surprise announcement came today, buried in its second-quarter financial report.

[The Canadian Press, and John Crawford]

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