Business
Emera to Invest in Proposed Brunswick Pipeline
Emera to Invest in Proposed Brunswick Pipeline.
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\n\nHALIFAX, May 16 /CNW/ - (EMA-TSX): Emera Inc. will invest approximately\n$350 million, for full ownership of a proposed pipeline which will deliver\nnatural gas from the planned Canaport(TM) Liquified Natural Gas (LNG) import\nterminal near Saint John, New Brunswick to markets in Canada and the US\nNortheast.\nThe 145-kilometre Brunswick Pipeline will travel through southwest New\nBrunswick and connect with the US portion of the Maritimes & Northeast\nPipeline (Maritimes) at the international border near Baileyville, Maine.\nEmera has been an investor in Maritimes since its inception in 1999.\n\"This is a solid opportunity for Emera to grow its business with a\nquality project that builds on our investment in Maritimes,\" said Chris\nHuskilson, President and Chief Executive Officer of Emera. \"LNG will play an\nimportant role in the energy security of the region, and will bring economic\nbenefits. We are proud to be part of that.\"\nCanaport(TM) LNG is a partnership of Repsol YPF, S.A. and Irving Oil\nLimited. Emera has negotiated a 25 year send-or pay toll agreement with Repsol\nto transport gas through the Brunswick Pipeline. Emera has also negotiated\nagreements with its Maritimes partner, Duke Energy, that will see an affiliate\nof Duke Energy continue its lead role in the Brunswick pipeline permitting\nprocess, and ultimately construct and operate the pipeline on Emera's behalf.\n\"We are pleased that Emera plans to invest in the Brunswick Pipeline\nwhile we continue with development of our related U.S. Mainline expansion,\"\nsaid Doug Bloom, President of Maritimes & Northeast Pipeline. \"This project is\ncritical to increasing natural gas availability in the markets served by\nMaritimes.\"\nBrunswick Pipeline will have a diameter of 30 inches and will be capable\nof carrying approximately 850 million cubic feet per day of re-gasified LNG.\nCapacity can be expanded with added compression. The project requires National\nEnergy Board approval. A formal filing will be made shortly, and a public\nhearing is expected later this year. Construction is planned to begin in 2007\nand be completed by late 2008.\n\"Demand for LNG is strong through the northeast. This agreement on\nnatural gas transmission, along with agreements with Maritimes, completes the\nfull value chain arrangements, and will enable our project t...