Irving Oil and TransCanada Announce Joint Venture to Develop New Saint John Marine Terminal
Proposed $300M Marine Terminal Represents first Major Regional
Directly Linked to the Energy East Pipeline Project
SAINT JOHN, NB, Aug. 1, 2013 /PRNewswire/ - Following TransCanada's announcement today to proceed with the development of the Energy East Pipeline that will transport western Canadian crude oil to Montreal, Quebec City and Saint John, Irving Oil and TransCanada announced they will form a joint venture to develop and construct the new Canaport Energy East Marine Terminal at Irving Canaport in Saint John.
"We are extremely pleased to be partnering with TransCanada. They are a world-class company and lead their industry in safety and environmental stewardship," said Paul Browning, President and CEO, Irving Oil. "The Canaport Energy East Marine Terminal will connect TransCanada's Energy East Pipeline to an ice-free, deep water port. It will allow Canadian producers direct access to world markets for exporting Canadian oil via the world's largest crude carrying vessels."
The proposed $300 million marine terminal adds to the significant infrastructure investment Irving Oil has made in the Canaport facility over the past several decades. Irving Oil imports over 100 million barrels of crude oil each year at Irving Canaport and has imported over two billion barrels of oil during 40 years of operation. The Energy East pipeline will offer a broader supply of crude oil for our 300,000 barrel per day refinery than what we have access to today which will help ensure our long-term competitiveness in our industry.
"It's a pleasure for us to partner with Irving Oil to invest in critical infrastructure in Saint John that will allow Canadian crude oil to reach Canadian and global markets. Irving Oil has a proven safety and environmental track record in over four decades of marine terminal operation," said Russ Girling, President and CEO, TransCanada.
The project timeline for the marine terminal, which is expected to begin with engineering and design work in 2015, will coincide with Energy East Pipeline project developments. The new Canaport Energy East Marine Terminal will be located adjacent to Irving Oil's existing import terminal and will be operated by Irving Oil.
"This $300 million investment in the Canaport Energy East terminal will create hundreds of jobs during construction, and will employ up to 50 people in long-term, high skill jobs for years to come," said Browning. "We are proud at Irving Oil to have been making these types of long term investments in our home province since 1924."
About Irving Oil - Irving Oil is a privately owned regional energy and marketing company that provides eastern Canada and New England with the highest-quality products and customer service. Founded in 1924 and based in Saint John, New Brunswick, Irving Oil maintains a strong tradition of public service and partnerships within its host communities. For information about Irving Oil, visit www.irvingoil.com.
About TRANSCANADA - With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 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 more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.
SOURCE Irving Oil
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