Nov 3 (LNGJ) - Pembina Pipeline Corp. of Canada, a shareholder in the Cedar liquefied natural gas production project near Kitimat in British Columbia, reported C$346 million (US$251M) of third-quarter net income versus C$1.83 billion in the same three months of 2022 because of a previous one-off gain from gas processing assets. Quarterly revenues declined to C$2.29Bln from $2.78Bln in the same quarter last year.
Pembina has formed a partnership with the Haisla First Nation to develop the Cedar LNG project with 3 million tonnes per annum of capacity. The company said that Cedar LNG would provide a “valuable outlet” for Western Canada’s natural gas to global markets. “Cedar LNG continues to progress key project deliverables, having secured the major regulatory approvals and signed non-binding memoranda of understanding for long-term liquefaction services with investment grade counterparties for the project’s total base liquefaction capacity,” Pembina stated in its earnings.
