TransCanada, Petro-Canada Win Nod for LNG Project

The Cacouna Energy Project, a joint project of Petro-Canada and TransCanada Corporation (TransCanada), has learned today that the Quebec government has granted a decree approving the proposal to construct the first liquefied natural gas (LNG) re-gasification terminal in Quebec. The terminal would be located in Gros Cacouna, approximately 200 kilometers east of Quebec City on the south shore of the St. Lawrence River. In advance of granting the decree, the Quebec Ministry of Environment completed its environmental assessment of the project.

This announcement is the result of nearly three years of consultation with the local community and government authorities to understand and fully assess the project's impacts and mitigation measures, and to develop a solid plan to maximize the project's economic benefits for the Lower St. Lawrence Region.

"This is a positive step forward and we are pleased with this decision from the Quebec government," said Hal Kvisle, TransCanada chief executive officer. "This project helps us secure much needed gas supplies for Quebec, Canadian and North American markets."

"Today's announcement marks the achievement of another project milestone," said Ron Brenneman, Petro-Canada president and chief executive officer. "We are encouraged by this progress, especially the high level of co-operation with the local community."

The Cacouna Energy LNG terminal would be capable of receiving, storing and re-gasifying imported LNG, with an average annual send-out capacity of approximately 500 million cubic feet a day of natural gas. This approval follows a release earlier today from the Government of Canada in favor of the report from the Environmental Assessment Joint Review Panel for the proposed Cacouna project.