Oregon LNG Files Export Application with Federal Energy Regulatory Commission

  Oregon LNG Files Export Application with Federal Energy Regulatory
  Commission

         FERC filing achieves major milestone in project development

 $6.3 Billion investment in Oregon would provide critical construction jobs,
tax benefits, and increased reliability of natural gas supplies to the Pacific
                                  Northwest

Business Wire

WARRENTON, Ore. -- June 11, 2013

Oregon LNG announced today that it has filed an application with the Federal
Energy Regulatory Commission (FERC) seeking the approval necessary to site,
construct and operate a bi-directional liquefied natural gas (LNG) terminal
with both import and export capability in Warrenton, Oregon. The project,
which also includes an affiliated interstate natural gas pipeline that will
interconnect with and bolster the capacity of existing pipeline facilities,
would enable worldwide shipment of high-value natural gas produced in Canada
and already earmarked for export. In addition to facilitating the delivery of
natural gas supplies to isolated coastal communities as well as trading
partners worldwide, the bi-directional project would also support the emerging
conversion to cleaner burning natural gas for trucks, railroads, barges,
ferries, and ocean going vessels.

If constructed, the project will represent the largest privately funded
development in Oregon’s history. The project is anticipated to result in $6.3
billion in direct spending during construction, providing the state with
high-value jobs and tax revenues.

Expected economic benefits will reach nearly $60 million annually in state and
local property tax revenues over the life of the project and will provide
nearly 3,000 jobs during construction and an estimated 1,550 direct and
indirect or induced permanent jobs. In addition, the project will increase the
reliability of natural gas supplies for the Pacific Northwest.

Oregon LNG has commitment letters with several construction unions in the
Northwest, agreeing to hire contractors who use union labor. In addition,
certain contracting funds are reserved for local small business, and women and
minority owned contractors. According to Doug Tweedy, Chief Executive Officer
for the NW Regional Council of Carpenters, “This project not only will create
thousands of construction jobs, it will also provide a huge boost to the north
coast economy.”

The FERC filing follows more than eight years of environmental studies and
over 250 meetings with local, state, federal, and tribal agencies. Oregon
LNG’s FERC application must still undergo additional environmental review and
FERC approval. Additionally, the project must comply with all applicable
permitting requirements and regulations in order to be implemented.

The application filed last Friday also identifies a new route for Oregon LNG’s
affiliated pipeline, owned by Oregon Pipeline, LLC, from the terminal to the
existing north-south interstate natural gas pipeline. This new pipeline route
reflects significant modification from the originally proposed route, and
reduces impacts to environmentally sensitive lands as well as the number of
private land owners impacted.

A final investment decision in the project remains subject to board approval
by Leucadia National Corporation.

About Oregon LNG

LNG Development Company, LLC (d/b/a Oregon LNG) is a subsidiary of Leucadia
National Corporation. Oregon LNG is a company committed to the safe,
efficient, and environmentally responsible importation and exportation of
natural gas in the form of LNG. For more information about Oregon LNG, please
visit www.oregonlng.com.

About Oregon Pipeline

Oregon Pipeline Company, LLC is an indirect wholly-owned subsidiary of
Leucadia National Corporation and is an affiliate of Oregon LNG. Oregon
Pipeline, LLC is proposing the construction and operation of an 86.8-mile long
pipeline, connecting the Oregon LNG terminal with the Northwest Pipeline in
Woodland, Washington. For more information about Oregon Pipeline, please visit
www.oregonpipelinecompany.com.

About Leucadia National Corporation

Leucadia National Corporation (NYSE: LUK) is a diversified holding company
engaged through its consolidated subsidiaries in a variety of businesses,
including beef processing, manufacturing, gaming entertainment, real estate
activities, and medical product development. For more information about
Leucadia National Corporation, please visit www.leucadia.com.

Contact:

Oregon LNG
Peter Hansen, CEO
503-298-4969
 
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