ROBBINSTON, Maine, Jul. 2, 2015 /PRNewswire-iReach/ — Downeast LNG, Inc. announced that George Petrides has been appointed Chairman of its Board of Directors. This announcement follows a number of recent advancements in the development of Downeast’s planned LNG export facility in Maine.
Mr. Petrides said, “I am honored and pleased to take on this role, working with lead investor Yorktown Energy Partners, the Board of Directors and Dean Girdis, Downeast’s Founder, CEO and President. Downeast has reached its “tipping point” as the components of its business plan, from producers to offtakers, are coming together. We expect to admit additional investment soon to keep development and permitting on pace as we advance to building out the project for an estimated $2.2 billion.” Mr. Petrides has been an investment banker and investor in the energy industry for 30 years, presently as managing member of energy M&A boutique firm Petrides & Co. LLC.
Mr. Girdis stated: “This is an exciting time in the history of Downeast as a number of the pieces are coming together simultaneously. Our recent discussions with producers have gone well, with producers realizing that an export of LNG is the best ultimate outcome for the vast gas reserves of US and Canada. Similarly, our discussions for pipeline capacity are progressing. Ten days ago, we jointly announced with CB&I our agreement to advance the design and construction of Downeast. Finally, our offtaker discussions have progressed for the placement of 3 million tons of LNG per annum.”
The Downeast LNG (www.downeastlng.com) site is in Robbinston, Maine, on Passamaquoddy Bay near the Canadian border. Downeast LNG plans to construct a 3 million ton per annum (450 MMCF / Day) liquefied natural gas export facility. The Downeast terminal will consist of one storage tank, a liquefaction “train”, a small regasification plant, marine facilities, and a natural gas pipeline that will connect the facility to the existing Maritimes and Northeast Pipeline. Strategically located and using existing and proposed pipelines, Downeast can access both unconventional US gas reserves and conventional western Canada gas reserves.
Downeast has strong local and political support in the State of Maine and will bring over 1,000 construction jobs and 200 permanent jobs to Washington County and the State. The project will also help to reduce the cost of natural gas in the region through its support of new gas pipeline infrastructure and the resulting increased delivery of gas supply to the region.
In May 2014, Downeast completed the environmental review of its originally proposed LNG import facility with the Federal Energy Regulatory Commission (FERC), receiving its Final Environmental Impact Statement. Downeast entered pre-filing for its proposed export project in July 2014 and received its Free Trade export authorization from DOE in early 2015.
Yorktown Partners, L.L.C. is a premier private equity firm in the energy sector with approximately $5 billion under management. Yorktown Partners was founded in 1983 and is based in New York, New York.
Media Contact: Dean Girdis, Downeast LNG, (202) 249-9035, firstname.lastname@example.org