The benefits of this project are expected to be far-reaching in terms of creating jobs and supporting the local, state and national economy. A study has shown that up to 4,000 jobs would be produced in the state of Maryland during the construction phase. Benefits to the natural gas and other industries would support another 14,600 jobs once the facility enters service. The project would produce an estimated $9.8 billion in royalty payments to mineral owners over 25 years. And, about $1 billion annually of additional federal, state and local government revenues would be generated directly and indirectly.
U.S. House of Representatives Democratic Whip Steny Hoyer (5-MD) said, "I am pleased Dominion has moved forward to secure terminal agreements with two important trading partners. The proposed Cove Point LNG liquefaction project has the potential to make a significant contribution to Southern Maryland's economy. Today's announcement helps to ensure the project's viability and moves us closer to the job creation that its development is expected to bring to Calvert County and to Maryland."
Patrick Nutter, president of the Calvert County Board of County Commissioners, said, "The Calvert County Board of County Commissioners recognizes the major economic impact that the Dominion Cove Point liquefaction project would have on the county, state and nation. The liquefaction project promises to bring thousands of construction jobs, over 180 permanent jobs and significant tax revenue to our community upon completion. For over 30 years Cove Point has been a partner and asset in our community. The full Board of County Commissioners welcomes the liquefaction project as a strong complement to our economic development efforts and sincerely appreciates the efforts of Dominion in bringing this outstanding opportunity to fruition."
Subject to receipt of regulatory approvals, Dominion plans to start construction on the 5.25-MTPA (million tons per annum) facility in 2014 and put the liquefaction facilities in service in 2017.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV