More delays, cost increases for two East Coast natural gas pipelines

first_imgMore delays, cost increases for two East Coast natural gas pipelines FacebookTwitterLinkedInEmailPrint分享The Roanoke Times:The projected cost of building the Mountain Valley Pipeline has gone up by another half a billion dollars. And the expected completion date, most recently slated for mid-2020, has been pushed back to the end of that year.In an announcement Tuesday, Mountain Valley attributed the latest delay and revised cost estimate — now at between $5.3 billion and $5.5 billion — to “various legal and regulatory challenges.”When work began in February 2018, Mountain Valley said it would be done by the end of that year at a cost of $3.7 billion. Several delays and cost increases have been announced since then.As costs have risen steadily, some opponents have voiced hopes that investors will pull out of the joint venture, made up of five energy companies. But considering the amount of work that has already been completed on the pipeline’s route through West Virginia and Southwest Virginia, one financial analyst who has followed the project closely saw a “very low probability” of that happening.“I don’t think that EQM has any intention of giving up on this project, given how much capital has already been devoted,” said Josh Price, a senior energy analyst for Height Capital Markets, an investment banking firm in Washington, D.C.Still, construction has progressed faster than that of the Atlantic Coast Pipeline, a similar project to the east that was approved at the same time by FERC. Led by Dominion Energy, the Atlantic Coast project has also encountered legal resistance from environmental groups. The cost for that three-state pipeline has gone up by about $3 billion, to $7.75 billion, and construction is running two years behind schedule, with completion delayed until late 2021.More: Another delay, cost increase for Mountain Valley Pipelinelast_img read more

GFA bags another Black Stars sponsorship with Cheki Ghana

first_imgThe Ghana Football Association and Cheki Ghana Limited has signed a two-year agreement to sponsor the Black Stars ahead of the 2014 World Cup.The online car selling and buying firm signed the agreement worth $100,000 at a ceremony held at the Ghana FA headquarters in Accra on Thursday.Country Director of Cheki Eric Amoako Twum says the opportunity to associate with a powerful brand like the Black Stars was too much of an attraction to ignore.“The Black Stars is the passion of the nation and we wanted to be part of something that truly binds the nation like the Black Stars,” he said at the event“We are looking to grow our brand and for us, the Black Stars provides us with the most powerful support needed to do this.”Ghana FA boss Kwesi Nyantakyi who signed the agreement on behalf of the Ghana FA says the new sponsorship deal will help further enhance the finances needed to guarantee the continued success of the Black Stars. “What this sponsorship does is that it makes the kitty for the Black Stars bigger so that we are able to offer better bonuses to the players and also employ competent staff,” he said.“Money plays a very key role in the success of any organisation especially football and we are happy with this new sponsorship agreement.”Ghana will be making a third successive appearance at the World Cup this June in Brazil.The Black Stars look to go at least one better than their quarter final feat achieved in the last finals four years ago in South Africa.last_img read more