Veresen Receives NEB Approval to Export Natural Gas to Supply the Jordan Cove
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IN THE UNITED STATES/
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
SOURCE Veresen Inc.
Dorreen Miller Director, Investor Relations Phone: (403) 213-3633
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CO: Veresen Inc.
NI: OIL ORDER
-0- Feb/20/2014 22:24 GMT
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