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Japanese company halts plans for Port Mackenzie LNG export

ANCHORAGE, Alaska (AP) – A Japanese energy company is dropping plans for a liquefied natural gas export facility at Port Mackenzie in the Matanuska-Susitna Borough north of Anchorage.

Anchorage television station KTUU (http://bit.ly/2ofz3wX) reports Tokyo-based Energy Resources Inc. since 2011 has considered developing natural gas from Cook Inlet.

The company’s plans included a billion-dollar LNG export facility.

The general manager of the company’s Anchorage office says the project can no longer be supported because of market conditions.

Mary Ann Pease says there is a glut of projects marketing to Japan and LNG prices are a fraction of what they were.

Alaska Gov. Bill Walker describes the news as “disappointing.”

He says he remains confident in the viability of a larger-scale, state-owned Alaska LNG Project aimed at monetizing North Slope gas reserves.

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