SURREY, BC, July 28, 2014 /CNW/ - FortisBC Energy Inc. ("FortisBC") announced today that it has selected Bechtel Canada Co. ("Bechtel") as the contractor for its Tilbury LNG Facility Expansion Project in Delta, B.C. (the "Project").
The selection of Bechtel took place after a competitive procurement process. Bechtel brings global experience in the development of LNG facilities to the Project. Project construction is expected to employ 150 skilled workers over two years and provide an estimated $4 million per year in taxes to various levels of government over time.
To meet increased market demand for LNG, FortisBC is currently undertaking a $400-million expansion of its Tilbury LNG facility, in operation since 1971, which will add approximately 1.1 million gigajoules of LNG storage as well as approximately 34,000 gigajoules of liquefaction capacity per day.
As the operator of the only two LNG facilities on the west coast - the Mt. Hayes facility near Ladysmith since 2011 and the Tilbury Island LNG facility in Delta since 1971 - this expansion will better equip FortisBC to meet the growing LNG demands of B.C.'s transportation sector, remote communities, industrial customers and the marketplace.
Project construction is scheduled to begin in September, 2014 and is estimated to be completed in 2016.
FortisBC Energy Inc. is a regulated utility focused on providing safe and reliable energy, including natural gas and propane. FortisBC Energy Inc. employs almost 1,800 British Columbians and serves approximately 945,000 customers in 125 B.C. communities. FortisBC Energy Inc. is indirectly wholly owned by Fortis Inc., the largest investor-owned distribution utility in Canada. FortisBC Energy Inc. owns and operates approximately 46,000 kilometres of natural gas transmission and distribution pipelines. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com or www.sedar.com.
FortisBC Energy Inc. may include forward-looking statements in this media release which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate," "believe," "expects," "intend," "contemplate" and similar expressions have been used to identify the forward-looking statements. The forward looking statements in this media release include, but are not limited to, statements regarding: increased supply of LNG; job creation; taxes and the size of the investment in Tilbury Facility. These statements reflect management's current beliefs and are based on information currently available to the Company's management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements, which include but are not limited to receipt of applicable regulatory approvals and requested rate orders; absence of equipment breakdown, absence of environmental damage and health and safety issues, absence of adverse weather decisions and natural disasters, no significant operational disruptions or environmental liability as a result of a catastrophic event or environmental upset ability to obtain and maintain applicable permits, the adequacy of the corporation's existing insurance arrangements, the First Nations settlement process does not adversely affect the corporation, the ability to maintain and renew collective bargaining agreements on acceptable terms, the ability to arrange sufficient and cost effective financing, no material adverse ratings actions by credit rating agencies, the competitiveness of natural gas pricing when compared with alternate sources of energy; continued population growth and new housing starts; the availability of natural gas supply; access to capital; interest rates and the ability to hedge certain risks. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally that could cause actual results to differ materially from historical results or results anticipated by the forward-looking statements. Such risk factors include, but are not limited to, regulatory approval and rate orders risk; operational disruptions and environmental risk; price competitiveness risk; changes in economic conditions; natural gas supply risks; capital and credit ratings risk, interest rate risk and counterparty credit risk. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Company's Management Discussion & Analysis.
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