CALGARY, ALBERTA--(Marketwired - July 25, 2017) - Media Advisory - TransCanada Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today was notified that PETRONAS affiliate Pacific NorthWest LNG (PNW LNG) would not be proceeding with their proposed LNG project near Port Edward, British Columbia.
Following is a statement from Karl Johannson, TransCanada's executive vice-president and president, Canada and Mexico natural gas pipelines and energy:
With this news, we are reviewing our options related to our proposed Prince Rupert Gas Transmission (PRGT) project as we continue to focus on our significant investments in new and existing natural gas infrastructure to meet our customers' needs.
As part of our agreement with PETRONAS affiliate, Progress Energy, following receipt of a termination notice, TransCanada would be reimbursed for the full costs and carrying charges incurred to advance the PRGT project. We expect to receive this payment later in 2017.
We are proud of the work we have done along the PRGT route, which has allowed us to sign 14 Project Agreements with First Nations and secure the key regulatory approvals and permits. We have built strong new relationships, and we look forward to continuing our strong partnerships with First Nations and communities in B.C. as we develop other natural gas assets, including our North Montney Mainline project. This important project is backed by independent 20-year commercial service agreements with 11 shippers (including Progress Energy), and pending regulatory approvals, we remain ready to move forward.
There is still a strong need for Canadian natural gas supplies to get to market, and the infrastructure we are building in Alberta and British Columbia - including recently announced multi-billion dollar investments in our NGTL system and North Montney Mainline - are designed to help move natural gas supplies to markets where they are needed.
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 91,500 kilometres (56,900 miles), tapping into virtually all major gas supply basins in North America. TransCanada is the continent's leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in approximately 6,200 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends over 4,300 kilometres (2,700 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com to learn more, or connect with us on social media and 3BL Media .
