British Petroleum is halting work on a Delaware liquid natural gas plant:
“We've been looking at the global market conditions surrounding LNG, and the timing for a terminal just isn't right, so we've put it on hold for at least two years,” BP spokesman Tom Mueller said Wednesday.
“We will hold on to the property and look at conditions down the road,” Mr. Mueller added, noting that the company “believes New Jersey will need LNG infrastructure in the future, and we will position ourselves to do that.”
BP's plans, initially announced in December, 2003, called for a 2,200-foot pier to be built off Logan Township. It was designed to handle enough liquefied natural gas, or LNG, to serve 5 million homes and meet rising demand. [Globe and Mail]