TransCanada and Petro-Canada receive approval from the Québec Government for the Cacouna Energy Project
QUÉBEC CITY, QUÉBEC (June, 27, 2007) – The Cacouna Energy Project, a joint project of Petro-Canada and TransCanada Corporation (TransCanada) learned today that the Québec government has granted a decree approving the proposal to construct the first liquefied natural gas (LNG) re-gasification terminal in Québec. The terminal would be located in Gros Cacouna, approximately 200 kilometres east of Québec City on the south shore of the St. Lawrence River. In advance of granting the decree, the Québec 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 Québec government,” said Hal Kvisle, TransCanada chief executive officer. “This project helps us secure much needed gas supplies for Québec, 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 re-gasifying imported LNG, with an average annual send-out capacity of approximately 500 million cubic feet a day of natural gas. This approval follows a release earlier today 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. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Petro-Canada’s common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.
With more than 50 years experience, TransCanada is a leader in the responsible development and reliable operation of 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 kilometres (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 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, approximately 7,700 megawatts of power generation in Canada and the United States. TransCanada’s common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
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