TransCanada and Petro-Canada win approval for Cacouna energy project

Jun 28, 2007 02:00 AM

The Cacouna Energy Project, a joint project of Petro-Canada and TransCanada learned that the Quebec government has granted a decree approving the proposal to construct the first liquefied natural gas (LNG) re-gasification terminal in Quebec.
The terminal would be located in Gros Cacouna, approximately 200 km east of Quebec City on the south shore of the St Lawrence River. In advance of granting the decree, the Quebec Ministry of Environment completed its environmental assessment of the project.

This announcement is the result of nearly three years of consultation with the local community and government authorities to understand and fully assess the project's impacts and mitigation measures, and to develop a solid plan to maximize the project's economic benefits for the Lower St Lawrence Region.
"This is a positive step forward and we are pleased with this decision from the Quebec government," said Hal Kvisle, TransCanada chief executive officer. "This project helps us secure much needed gas supplies for Quebec, Canadian and North American markets."

"Today's announcement marks the achievement of another project milestone," said Ron Brenneman, Petro-Canada president and chief executive officer. "We are encouraged by this progress, especially the high level of co-operation with the local community."
The Cacouna Energy LNG terminal would be capable of receiving, storing and regasifying imported LNG, with an average annual send-out capacity of approximately 500 mm cfpd of natural gas. This approval follows an announcement earlier from the Government of Canada in favour of the report from the Environmental Assessment Joint Review Panel for the proposed Cacouna project.

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally.

With more than 50 years experience, TransCanada develops and operates North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 km (36,500 miles), tapping into virtually all major gas supply basins in North America.
TransCanada is one of the continent's largest providers of gas storage and related services with approximately 360 bn cf of storage capacity.

Source / Cacouna Energy
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