The developer of the proposed Goldboro liquefied natural gas (LNG) project on Canada’s east coast has announced an evaluation of “strategic alternatives” for the $10 billion development after it missed a deadline to sanction the project June 30.

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“We have not been able to meet all of the key conditions necessary to make a final investment decision (FID),” Pieridae Energy Ltd. CEO Alfred Sorensen said Friday. “Cost pressures and time constraints due to Covid-19 have made building the current version of the LNG project impractical.”

The miss comes as no surprise to the gas industry. Pieridae’s 2021 annual information filing for stock exchanges said it only satisfied four of 12 requirements in the contract that set the June 30 construction deadline with Goldboro...