Trading Symbol: FCE.UN
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 17 /CNW/ - Fort Chicago Energy Partners L.P. ("Fort Chicago") announced that the Federal Energy Regulatory Commission (FERC) in the United States has issued an order authorizing Jordan Cove Energy Project L.P. to site, construct and operate the Jordan Cove Energy liquefied natural gas ("LNG") import and regasification terminal ("Jordan Cove"), at Coos Bay, Oregon. The FERC also issued a certificate approving an application to construct and operate the related Pacific Connector Gas Pipeline ("Pacific Connector"), a 234-mile, 36-inch diameter natural gas transmission system that will connect Jordan Cove to various natural gas markets and pipelines through to Malin, Oregon. Jordon Cove is designed to provide up to 1 billion cubic feet per day of natural gas for transport on the Pacific Connector pipeline.
Jordan Cove Energy Project L.P. and Pacific Connector Gas Pipeline, L.P. originally filed project applications with the FERC on September 4, 2007. Jordan Cove Energy Project L.P. is a subsidiary of Fort Chicago. Pacific Connector Gas Pipeline, L.P. is a limited partnership among wholly owned subsidiaries of Fort Chicago, PG&E Corporation, and The Williams Companies Inc.
Once constructed, Jordan Cove and Pacific Connector will form part of the energy infrastructure network of the United States west coast, linking global LNG supplies to the large and growing natural gas demands of the U.S. Pacific Northwest, northern California and Nevada. They will help to expand the region's natural gas supply, stabilize prices for consumers, and attract new industry.
Jordan Cove and Pacific Connector will provide an economic boost for southwest Oregon, both during construction and on an on-going basis after completion of the projects. Anticipated to be financed with US$2.5 billion of private capital, the projects offer numerous economic benefits. During the three years of construction, Jordan Cove will employ an average of 450 people. During the two-year construction period for the proposed pipeline, Pacific Connector will employ an average of 1,400 people. Once operational, the projects will directly employ approximately 60 people, plus create positions for another 60 directly related positions. Under the current timeline, construction of the LNG regasification terminal could commence in early 2011, with the two projects entering service in 2014.
"The issuance of the order for Jordan Cove and the certificate for Pacific Connector are significant milestones for these projects. The FERC's approval of the projects sends a strong signal to global LNG suppliers, which should enable the projects to proceed in a timely fashion." said Stephen White, Fort Chicago's President and Chief Executive Officer.
Additional information about the projects can be found online at www.jordancoveenergy.com and www.pacificconnectorgp.com.
Fort Chicago is a publicly traded limited partnership based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Its Class A Units are listed on the TSX under the symbol FCE.UN. Fort Chicago is engaged in three principal businesses: a pipeline transportation business comprised of interests in two pipeline systems, the Alliance Pipeline and the Alberta Ethane Gathering System; an NGL extraction business which includes a significant interest in a world-class extraction facility near Chicago; and a power business with power facilities in Ontario, Colorado and California, district energy systems in Ontario and Prince Edward Island, and waste heat power facilities along the Alliance Pipeline. Fort Chicago and its businesses are also actively developing a number of greenfield investment opportunities that will be a key source of future growth, including LNG and pipeline facilities on the U.S. west coast, Alberta-based ethane and NGL extraction facilities, repowering and expansion opportunities at the California power facilities and Nova Scotia-based underground natural gas storage and pipeline facilities.
Class A Unit Ownership Restrictions
Fort Chicago is organized in accordance with the terms and conditions of a limited partnership agreement which provides that no Class A Units may be held by or transferred to, among other things, a person who is a "non-resident" of Canada, a person in which an interest would be a "tax shelter investment" or a partnership which is not a "Canadian partnership" for purposes of the Income Tax Act (Canada).
Certain information contained herein relating to, but not limited to, Fort Chicago and its businesses constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Fort Chicago expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "may", "estimate", "anticipate", "believe", "expect", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. Forward-looking statements in this news release include, but are not limited to, statements with respect to the cost, timing and impact of development of the Jordan Cove terminal and the Pacific Connector Gas Pipeline. Additional information on these and other risks, uncertainties and factors that could affect Fort Chicago's operations or financial results are included in its filings with the securities commissions or similar authorities in each of the provinces of Canada, as may be updated from time to time. Readers are also cautioned that the foregoing list of factors and risks is not exhaustive. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management's future course of action would depend on its assessment of all information at that time. Although Fort Chicago believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual result achieved will vary from the information provided herein and the variations may be material. Fort Chicago makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Fort Chicago does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
SOURCE Veresen Inc.
For further information: For further information: Stephen H. White, President and C.E.O., Richard Weech, Vice President, Finance and C.F.O., Fort Chicago Energy Partners L.P., Livingston Place, Suite 440, 222 - 3rd Avenue S.W., Calgary, AB, T2P 0B4, Phone: (403) 296-0140, Fax: (403) 213-3648, www.fortchicago.com