Canadian midstream player Pembina Pipeline Corp. has written down the assets for the Jordan Cove liquefied natural gas (LNG) export project in Oregon and no longer can predict if the project will move forward, executives said last week.

Pembina has logged a one-time C$1.6 billion ($1.27 billion) impairment, partly for the export project. Management cited the Covid-19 pandemic, market uncertainty and changing government policies in the United States. 

The impairment also included Pembina’s 50% interest in the Kinder Morgan Inc.-operated Ruby Pipeline, which transports natural gas from Wyoming to Oregon. In addition, the one-time writedown was for a 50% stake in the Canada Kuwait Petrochemical Corp. in Alberta, now on hold indefinitely.

“We believe these opportunities...