FOR IMMEDIATE RELEASE:
February 23, 2016
PROJECT FAILS TO DEMONSTRATE FINANCIAL WHEREWITHAL;
SPURS UNANIMOUS COMMISSION VOTE TO PASS ON PROPOSED PROJECTS
Port remains open to energy projects with sound financial support
Longview, WA– At today’s meeting, the Port of Longview Board of Commissioners directed the Port’s Interim CEO Norm Krehbiel to discontinue all discussions with Waterside Energy LLC, related to its proposals of both Riverside Refining LLC, (the oil refinery) and Washington Energy Storage & Transfer LLC, which is also known as WEST (the liquid petroleum gas facility).
For several months, the Port has worked with the project proponent Lou Soumas to negotiate a non-binding term sheet on the WEST project, outlining key project information and financial documentation needed to move negotiations forward in a timely fashion.
“We have a fiduciary responsibility to ensure project proposals are viable,” said Commission President Bob Bagaason. “This decision is based on the proponent’s failure to demonstrate the WEST project’s financial wherewithal, plain and simple.”
In this instance, the proponent missed the deadline to supply financial information and the information provided post-deadline was heavily redacted and failed to communicate financial support of the project.
“This isn’t about fossil fuels, I want to make that clear,” said Commissioner Doug Averett. “The Port of Longview is open for business and all project proposals will be evaluated on their individual merits, not the commodity.”
*Documents related to today’s Commission action can be found at http://www.portoflongview.com/AboutThePort/ProjectsProposals/WatersideEnergy.aspx
Director of External Affairs