Dominion
Energy
and its international business partners celebrated the continuing construction of the Dominion Cove Point LNG Liquefaction project
on March 25.
The cost of the project ranges from $3.4 billion to $3.8 billion and is expected to create thousands of skilled construction jobs, 75 permanent jobs and generate $40 million in yearly tax revenue for Calvert County, Maryland.
“Cove Point will supply critical American allies in India and Japan with much-needed natural gas that will help reduce global greenhouse gas emissions,” Dominion Chairman Thomas Farrell said. “Although the doubters said it could not be done, in late 2017 our liquefier will be online, and ships will begin receiving LNG for export.”
Gov. Larry Hogan and Kenichiro Sasae, the Japanese ambassador to the U.S., joined Farrell at the ceremony, along with
Dominion Energy President
Diane Leopold and
Sumitomo Corp. of Americas President Kazuhiro Takeuchi.
Also in attendance were
GAIL Global USA President Jayanta Sinha and
Calvert County Board of County Commissioners President Steven Weems.
Dominion has committed itself to the project by securing 20-year service agreements with ST Cove Point LLC, a joint venture of Sumitomo, Tokyo Gas Co. Ltd., and GAIL.
Cove Point will produce about 5.25 million metric tons of liquefied natural gas annually for its customers.
The LNG shipments from Cove Point are expected to decrease the U.S. trade imbalance by at least $2.8 billion to $7.1 billion annually. Construction on the project began in October, and the project is expected to be complete in late 2017.
