Irving & Repsol to Develop LNG Terminal at Irving Canaport

Irving Oil and Repsol will work together to develop the LNG receiving terminal at Irving Canaport, in Saint John, New Brunswick. On August 6, 2004, Irving Oil received approval for this project, becoming the first to receive regulatory approval among LNG projects currently proposed for the East Coast. The terminal is expected to supply markets in Eastern Canada and New England.

"When we first announced our intention in 2001 to begin permitting for this project, we were confident that this was the right project, at the right time, in the right location," said Kenneth Irving. "Today, we're very pleased that Repsol, a company that has invested in LNG capacity and capability for several years, has also recognized the immediate opportunity we have to develop the first new LNG receiving terminal on the East Coast. Repsol is a world leader in both LNG liquefaction and regassification, and has global supply sources."

"This demonstrates that New Brunswick is a great place in which to invest," said New Brunswick Premier Bernard Lord. "The announcement of this partnership will build on New Brunswick's leading position in the energy industry and strengthen the platform for future investment in our region. We're very proud that Irving Oil, a New Brunswick company, was the first to recognize and create this opportunity, and we're pleased that a global energy leader also appreciates the short and long-term potential for the region."

"We're pleased that this project builds on the vision set out by New Brunswick Premier Bernard Lord in the province's 2000 Energy White Paper, which specifically referenced LNG as an important supply source for the region," added Kenneth Irving.

Repsol and Irving Oil are now moving ahead with detailed engineering. The facility will be situated at Irving's existing deepwater marine terminal, Irving Canaport, in operation since 1970. The plans call for three 160,000 cubic meter LNG tanks and a throughput capacity of one billion cubic feet of natural gas per day. Irving Canaport is 65 miles from the US border.