FOR IMMEDIATE RELEASE
Hess LNG Withdraws Proposal for Massachusetts Project
RIVER, Mass., June 13, 2011 -- Hess LNG L.L.C. said today that
unfavorable economics for liquefied natural gas in the New England
region have prompted it to withdraw applications with federal and state
agencies for the Weaver’s Cove LNG project in Fall River, Mass. Hess
LNG said it will focus its efforts on more viable projects elsewhere.
significant increase in natural gas production from shale resources in
North America resulting in lower prices as well as the growth in demand
for LNG in the rest of the world make it unlikely the company can
secure supplies of LNG on economic terms attractive enough to ensure
the sustained profitability of the project,” said Gordon Shearer,
President of Hess LNG.
company will concentrate in the near term on its other LNG projects
including Shannon, Ireland. Hess LNG retains ownership of the Fall
River site and will consider options for the site, including a sale.