AltaGas Ltd. and Idemitsu Kosan Co., Ltd. Form Partnership to Pursue Opportunities to Export Energy From Canada

AltaGas Ltd. and Idemitsu Kosan Co., Ltd. Form Partnership to Pursue 
Opportunities to Export Energy From Canada 
CALGARY, ALBERTA -- (Marketwire) -- 01/29/13 --  
AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) and
Idemitsu Kosan Co.,Ltd. ("Idemitsu") (Tokyo Stock Exchange: 5019)
today announced that the companies have signed an agreement to form
the AltaGas Idemitsu Joint Venture Limited Partnership
("Partnership"). The Partnership plans to pursue opportunities
involving exports of liquefied petroleum gas ("LPG") and liquefied
natural gas ("LNG") from Canada to Asia.  AltaGas and Idemitsu will
each own a 50 percent interest in the Partnership.  
"We are excited to partner with Idemitsu, a global leader in the
supply of energy, petroleum, lubricants and petrochemical products
and services to the people of Japan.  Idemitsu has a proud heritage
of creating value for the benefit of Japan and the societies,
consumers and communities in which they operate", said David
Cornhill, Chairman and CEO of AltaGas.  "We are pleased to work with
Idemitsu to develop opportunities that will be good for the people of
Japan and Canada.  As we move forward, we will continue in our
commitment to engage and work effectively with Governments, First
Nations, and other stakeholders."   
"Canada is one of the world's most resource-rich countries and has
proven to be a very promising new supplier of gas to Japan.  As a
leading energy infrastructure company in Canada, AltaGas has enjoyed
rapid and sustainable growth in its natural gas infrastructure, power
generation, and natural gas distribution businesses.  The Partnership
with AltaGas is a natural fit  with Idemitsu's gas and power
business. AltaGas is simply the best strategic partner for us in
terms of both existing business and potential opportunities, and we
have great expectations and enjoyment in our collaborative
discussions with this rapidly growing company.  We believe that a
joint venture with AltaGas will enhance the businesses of both
companies while making a significant contribution to the national
interests of both Canada and Japan." said Mr. Kazuhisa Nakano,
President of Idemitsu Kosan Co., Ltd.   
The Partnership plans to pursue opportunities to develop long-term
natural gas
 supply and sales arrangements to meet the growing demand
for natural gas in Asia.  As Asia's largest LNG consumer, Japan would
benefit from a new and dependable source of LNG from the Partnership.
LNG from Canada would provide a clean, stable, and reliable source of
energy to meet Japan's growing demand for natural gas.  The
development of a Canadian LNG export opportunity would also provide
long-term benefits to Canadians at a time when Canada is seeking to
diversify its energy markets.  
The Partnership will undertake feasibility studies for the
development and construction of liquefaction facilities as part of
the proposed project to export LNG to markets in Asia.  The
feasibility study is expected to be completed by early 2014. The
pipeline capacity required to transport natural gas to the
liquefaction facility is expected to be provided by AltaGas' wholly
owned subsidiary Pacific Northern Gas Ltd.  Subject to consultations
with First Nations, and the completion of the feasibility study,
permitting, regulatory approvals and facility construction, the
proposed LNG exports could begin as early as 2017.  
The Partnership also plans to pursue opportunities to develop a LPG
export business, including logistics, plant refrigeration and storage
facilities.  The feasibility study is expected to be completed in
2013.  Idemitsu is a shareholder of Astomos Energy Corporation, one
of the world's largest LPG suppliers. Subject to consultations with
First Nations, and the completion of the feasibility study,
permitting, regulatory approvals and facility construction, the
proposed LPG export business could begin as early as 2016.  
The Partnership will also evaluate additional opportunities to own
and operate infrastructure assets for other energy businesses in
North America and to supply energy from North America to Japan and
other growing countries in Asia. These opportunities are expected to
develop over time as AltaGas and Idemitsu work together to create
value for their shareholders and the communities in which they
operate.  


 
Company Profiles                                                            
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Company Name    AltaGas Ltd.                                                
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Location        1700, 355 - 4th Avenue, S.W. Calgary, Alberta T2P 0J1 CANADA
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Representative  David W. Cornhill                                           
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Established     April 1,1994                                                
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                Energy infrastructure business with a focus on natural gas, 
Business        power and regulated utilities. AltaGas creates value by     
Description     acquiring, growing and optimizing its energy infrastructure,
                including a focus on renewable energy sources.              
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Website         http://www.altagas.ca/.                                     
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Company Name    Idemitsu Kosan Co.,Ltd.                                     
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Location        3-1-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN                  
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Representative  Kazuhisa Nakano                                             
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Established     March 30, 1940                                              
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                Petroleum refining and manufacture and sale of oil products 
Business        manufacture and sale of petrochemical products, E&P of      
Description     petroleum and coal.                                         
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Website         www.idemitsu.com                                            
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This news release contains forward-looking statements. When used in
this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas or an affiliate of AltaGas, are intended to identify
forward-looking statements. In particular, this news release contains
forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations,
performance, business projects and opportunities and financial
results. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated i
n such
forward-looking statements. Such statements reflect AltaGas' current
views with respect to future events based on certain material factors
and assumptions and are subject to certain risks and uncertainties,
including without limitation, changes in market, competition,
governmental or regulatory developments, general economic conditions
and other factors set out in AltaGas' public disclosure documents.
Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release,
including without limitation those listed above. These factors should
not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release as intended,
planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or
incorporated by reference in this news release, should not be unduly
relied upon. Such statements speak only as of the date of this news
release. AltaGas does not intend, and does not assume any obligation,
to update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified by
this cautionary statement.  
Contacts:
AltaGas Ltd.
Investment Community
1-877-691-7199
investor.relations@altagas.ca 
AltaGas Ltd.
Media
403-691-9873
media.relations@altagas.ca 
Idemitsu Kosan Co., Ltd.
Investment Relations
+81-3-3213-9307
Relations Office, Treasury Department 
Idemitsu Kosan Co., Ltd.
Media
+81-3-3213-3115
PR section, PR&CSR Office