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CALGARY, Feb. 20, 2014 /CNW/ - Veresen Inc. ("Veresen" or the "Company") (TSX: VSN) announced today that its application to the National Energy Board ("NEB") for a long-term licence to export natural gas from Canada to the United States has been approved by the NEB. The exported natural gas will supply Veresen's proposed Jordan Cove liquefied natural gas ("LNG") export project located in Coos Bay, Oregon. The issuance of the licence to export natural gas is subject to approval of the Governor in Council.
"This favourable National Energy Board decision is another important step forward in the development of our Jordan Cove LNG project," said Don Althoff, President and Chief Executive Officer. "Our proposed LNG facility would provide western Canadian producers with access to large, new markets, primarily using existing natural gas infrastructure and our project is well-positioned to generate long-term benefits for the energy industry."
The NEB permit allows for an export volume of 1.55 billion cubic feet per day (Bcf/d) for 25 years, translating into 9 million tonnes per year (MMt/y) of LNG export capacity from the Jordan Cove terminal. While the initial liquefaction design capacity of the Jordan Cove facility is 6 MMt/y, an expansion to 9 MMt/y is possible.
To reach the Jordan Cove facility, western Canadian natural gas will travel via existing pipeline and gas gathering networks to the Malin trading hub located in southern Oregon. From Malin, the proposed Pacific Connector Gas Pipeline ("Pacific Connector") will transport natural gas to the Jordan Cove liquefaction terminal. Pacific Connector is a proposed 232-mile, 36-inch pipeline owned equally by Veresen and The Williams Companies, Inc.
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 two pipeline systems, the Alliance 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 renewable and gas-fired facilities and development projects in Canada and the United States, and district energy systems in Ontario and Prince Edward Island. Veresen and each of its pipeline, midstream and power businesses are also actively developing a number of greenfield projects. In the normal course of its business, Veresen and each of its businesses regularly evaluate and pursue acquisition and development opportunities.
Veresen's common shares, Series A preferred shares, Series C preferred shares and 5.75% convertible unsecured subordinated debentures, Series C due July 31, 2017 are listed on the Toronto Stock Exchange under the symbols "VSN", "VSN.PR.A", "VSN.PR.C" and VSN.DB.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 the sources of, and our ability to successfully obtain regulatory approvals for, the supply of natural gas to the Jordan Cove LNG facility. 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
Email: [email protected]