NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Nov. 7, 2014 /CNW/ - Veresen Inc. ("Veresen" or the "Company") (TSX: VSN) announced today that Jordan Cove Energy Project L.P. ("Jordan Cove LNG") and Pacific Connector Gas Pipeline., LP ("Pacific Connector") have today received a draft Environmental Impact Statement ("EIS") from the Federal Energy Regulatory Commission ("FERC") in the United States. The draft EIS assesses the liquefied natural gas ("LNG") terminal proposed by Jordan Cove LNG for Coos Bay, Oregon and the Pacific Connector Gas Pipeline proposed by Pacific Connector, which would extend 232 miles from the terminal to Malin, Oregon. Jordan Cove LNG and Pacific Connecter each filed an application to the FERC for approval to construct the LNG export terminal and the pipeline in May and June 2013, respectively.
"Release of the draft EIS marks the completion of another important milestone in our project schedule," said Don Althoff, President and CEO. "Jordan Cove LNG and Pacific Connector will continue to work with local, state and federal agencies, as well as the public, through the FERC review process. Veresen is committed to building the Jordan Cove LNG facilities, which will provide significant economic benefits, while ensuring responsible development and environmental stewardship."
A draft EIS is intended to inform FERC decision-makers, the public, and permitting agencies about the potential adverse and beneficial environmental impacts of the proposed project and its alternatives, and recommend mitigation measures that would reduce adverse impacts to the extent practicable. The draft EIS is subject to further review and public comment before FERC issues a final EIS.
Jordan Cove LNG is a wholly-owned subsidiary of Veresen, and Pacific Connector is owned equally by a subsidiary of Veresen and a subsidiary of The Williams Companies, Inc.
The draft EIS can be downloaded from the FERC website at:
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in three pipeline systems, the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes ownership interests in a world-class natural gas liquids extraction facility near Chicago, the Hythe/Steeprock complex, and other natural gas and NGL processing energy infrastructure; and a power business with a portfolio of assets in Canada and the United States. Veresen is also actively developing a number of greenfield projects, including the Jordan Cove LNG terminal, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the Pacific Connector Gas Pipeline, a 234-mile natural gas transmission system proposed to originate in Malin, Oregon and terminate at the Jordan Cove LNG terminal. In the normal course of its business, Veresen regularly evaluates and pursues acquisition and development opportunities.
Veresen's common shares, Series A Preferred Shares and Series C Preferred Shares are listed on the Toronto Stock Exchange under the symbols "VSN", "VSN.PR.A" and "VSN.PR.C" respectively. For further information, please visit www.vereseninc.com.
Certain information contained herein relating to, but not limited to, Veresen and its businesses and the offering of the notes, constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Veresen 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, the timing of, and our ability to successfully obtain regulatory approvals for the construction of the Jordan Cove LNG facility and the Pacific Connector Gas Pipeline. Readers are also cautioned that such additional information 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 Veresen 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 results achieved will vary from the information provided herein and the variations may be material. Veresen 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 Veresen 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, except as required by applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
SOURCE: Veresen Inc.
For further information:
Director, Investor Relations
Phone: (403) 213-3633