Pieridae Energy has abandoned plans to build a LNG export facility in Goldboro, Guysborough County.
The Calgary-based company made the announcement recently as it released its financial and operating results from the third quarter. Peiridae says it will sell its Golboro subsidiary and associated assets, including 267 acres of undeveloped coastal industrial land.
The company says any cash proceeds from the sale will be used to repay existing indebtedness, in particular the bridge term loan.
The sale is expected to be concluded in the first half of 2024. The company adds once the sale is complete, it will pivot away from east coast LNG and toward an Alberta-focused natural gas production and processing business.