Appalachia Development Group (ADG) has made a loan application for $1.9bn loan that will be used to develop infrastructure for the Appalachia Storage & Trading Hub (ASTH). ADG submitted a section of its loan application in September last year.
The Appalachia Storage & Trading Hub is a proposed underground storage facility for natural gas liquids and intermediates. According to the American Chemistry Council, the development of the ASTH would serve as a catalyst for the creation of an estimated $36bn in follow-on petrochemical investments and more than 100,000 new long-term jobs.
CEO, ADG and President & CEO Mid-Atlantic Technology, Research & Innovation Center (MATRIC), Steve Hedrick said: “We are pleased to have achieved this major milestone, but we are far from satisfied in our pursuit of a vibrant and growing Appalachia based in sound business principles. We are grateful for the collaboration with the states in Appalachia, and industry, legal and financial partners. There is much work to be done to drive this forward, and our team is strong, prepared and highly motivated to move forward. The growth of our business will serve the industry well, and we look forward to the day that the outputs of the ACC’s report are enabled as industry grows alongside the Hub.”
The ADG was formed as a collaborative platform to deliver the Appalachia Storage and Trading Hub, considered to be industry’s catalyst for the industrial spread associated with the prolific shale gas developments in the Marcellus, Utica and Rodgersville Shales.
For more information visit www.appastorage.com
10th Jan 2018