TransCanada and Petro-Canada Jointly Pursue LNG Facility

TransCanada Corporation and Petro-Canada, two of Canada's largest energy companies, have signed a memorandum of understanding to develop a liquefied natural gas facility, named Cacouna Energy, in Gros Cacouna, Quebec, about 15 kilometres northeast of Riviere-du-Loup. The proposed facility would be capable of receiving, storing, and regasifying imported LNG with an average annual send-out capacity of approximately 500 million cubic feet a day of natural gas.

In the proposed project, TransCanada and Petro-Canada will equally share the costs to construct an LNG receiving, storage and re-gasification facility on Gros Cacouna Island, adjacent to the existing harbour. TransCanada will operate the facility, while Petro-Canada will supply the LNG. The estimated cost of construction is $660m. In addition to direct employment of 500-1000 people during the construction phase and 30-50 long-term positions to operate the facility, the development will contribute additional indirect employment as well as tax and business benefits to the region.

Before construction of the facility can commence, the proposed Cacouna Energy LNG facility must receive regulatory approval to proceed from federal, provincial and municipal governments. The regulatory approval process is expected to take approximately two years and will provide a number of opportunities for the public and other stakeholders to participate in the approval process. Provided the necessary approvals are received, it is expected the facility will be in service towards the end of the decade.

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Added to site on 04/09/04

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