It looks like there will soon be a new owner of the proposed Bear Head LNG facility in Richmond County. The current owner, Australia-based company Liquefied Natural Gas Limited has announced it has received a takeover offer from Singapore-based company LNG9.
Under the terms of the deal, LNG9 would acquire 100 per cent of the outstanding shares of LNGL and potentially take the company private.
The board of directors of LNGL is recommending acceptance of the deal to shareholders.
Late last year, Bear Head LNG renewed its permit to construct the proposed facility with provincial regulators. The Utility and Review Board granted an extension on its permit to construct. It was due to expire at the end of 2019. The new permit expires on December 31st, 2022