LNG property agreement extension comes to a halt

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Story Published: Oct 23, 2009 at 4:42 PM PDT

By KCBY Staff

COOS BAY, Ore. - It was a quick meeting at the Port of Coos Bay Thursday afternoon, although no action was taken on extending property agreements with Jordan Cove.

The port had an offer on the table to extend its agreement with Jordan Cove for the acquisition of the site for the proposed liquefied natural gas terminal, but when no one would present a motion to vote on, the commission chose to take no action on the proposal.

So what happens from here?

"I don't know, staff is under the impression they didn't like the offer so we'll go back to the table," explains Jeffrey Bishop.

This is not the first time the port has looked to extended its agreement with Jordan Cove.

"The original agreement was for a year, it's been extended twice now, once for 6 months, the second time for an additional year and this proposal was for an additional year."

Bishop says a failure to review the LNG issue by the Federal Energy Regulatory Commission has slowed the process.

The commission originally entered into an agreement to purchase the North Spit property from the Weyerhaeuser Company three and a half years ago.

At the same time they entered into an agreement with Jordan Cove energy, to sell them a portion of the property and an additional lease for more acreage for the LNG terminal.

The current agreement expires next month, and we'll keep you posted on any decisions as they're made.

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