QUÉBEC, June 4, 2014 /CNW Telbec/ - Gaz Métro is delighted with the direction announced earlier today by Québec's Minister of Finance, Carlos Leitao, which aims to provide the Côte-Nord and other regions far from the natural gas network with access to liquefied natural gas (LNG) as of 2016.
The liquefaction, storage and regasification (LSR) plant, which is located in East Montréal, has been supplying Gaz Métro customers during peak periods for over 40 years. For close to three years now, Gaz Métro has also used the excess liquefaction capacity at the LSR plant to supply companies that need LNG. The possibility to expand its plant is currently under review in order to supply Québec-based businesses and transporters, such as the Société des traversiers du Québec, Transport Robert and the Stornoway mine, that have in fact confirmed in recent months their need for LNG by 2016.
Last fall, Gaz Métro completed the detailed engineering of a project to add liquefaction capacity to its existing plant in order to quickly meet the emerging LNG needs in the Québec market. "We enthusiastically look forward to making this competitive and cleaner source of energy available to businesses in the Côte-Nord and other remote regions, as well as to road and maritime transporters, in less than two years. LNG from the LSR plant can be used as a replacement for more costly oil products with higher emissions, and in some cases, to be an incentive to development," stated Sophie Brochu, Gaz Métro President and Chief Executive Officer.
Nevertheless, Gaz Métro foresees that eventually in Québec there will be demand for much larger volumes of LNG than what could be produced further to its plant expansion. This is why the company looks very positively on the government's plan to examine how best to ensure more extensive service to areas remote from the gas network over the long term. As such, Gaz Métro is offering its full collaboration to the new interdepartmental committee and to all the stakeholders with an interest in this objective.
Gaz Métro also applauds the measure providing for major tax deductions for maritime transporters looking to reduce their GHG emissions through the use of more environmentally friendly technologies, such as the liquefied natural gas engine.
About Gaz Métro
With more than $5 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 190,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees.
SOURCE: Gaz Métro
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