TransCanada Corporation Chosen To Oversee $5 Bln Rupert Gas Transmission Project; Shrs Near Yr Highs
TransCanada Corporation (TRP.TO), which is trading shy of year highs, announced that it has been selected by Progress Energy Canada Ltd. (PRQ.TO) being the successor by amalgamation of PETRONAS Carigali Canada Ltd. and Progress Energy Resources Corp. to design, build, own and operate the proposed $5 billion Prince Rupert Gas Transmission project. This proposed pipeline will transport natural gas primarily from the North Montney gas-producing region near Fort St. John, British Columbia (B.C.) to the recently-announced Pacific Northwest LNG export facility in Port Edward near Prince Rupert, B.C.
Progress and TransCanada expect to finalize definitive agreements in early 2013, subject to approvals by their respective Boards. TransCanada will immediately commence Aboriginal and stakeholder consultation and preparation of the relevant regulatory filings for this project under B.C. jurisdiction.
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