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Canaport LNG Awarded Project Finance Magazine’s
Deal of the Year
for North American Midstream Oil & Gas
SAINT JOHN, March 7, 2007 – Canaport
LNG, the Canadian-based joint energy project owned by Repsol
YPF and Irving Oil, has received the prestigious Project
Finance Magazine’s 2006 Award for Project
Finance Deal of the Year in North American Midstream Oil & Gas.
The magazine recognized not only the quality of Canaport
LNG’s $756 million financing, but also the significance
of the project in assuring gas supply to Canada and Northeast
United States.
Jorge Ciacciarelli, General Manager of Canaport LNG, said “Canaport
LNG will play a key role in meeting the growing demand
for natural gas, and we are pleased with the progress of
our construction phase. Our success to date is due
in no small part to the commitment and counsel of our financial,
legal and industry advisors and, most importantly, to the
strong partnership and people of Canaport LNG. Thanks
to their hard work, we continue to uphold standards of
excellence in everything we do, and we welcome this award
as recognition of our commitment to excellence in financing
and operational management.”
Repsol YPF’s Director LNG North America, Phil Ribbeck
said Repsol recognized the need for additional gas supply
in North America, especially the Northeast region. “The
coupling of Repsol’s LNG expertise, Irving Oil’s
presence, a great location, competent contractors and an
attractive natural gas market contributed to the successful
project financing of the Canaport LNG terminal. All
of this made Canaport LNG the perfect project for Repsol
to be able to provide new, long-term secure supplies of
natural gas into Atlantic Canada and the Northeast US.”
“This award is further recognition of the merit
of this project. We have a strong project, a strong
partnership, and a strong location for Canada’s first
LNG importation and regasification terminal,” said
Gary Bischof, General Manager of Processing & Transportation
for Irving Oil.
The award will be presented at a ceremony in New York
City on March 8, 2007 to representatives from Canaport
LNG, Repsol YPF, and Irving Oil.
In July 2006, Bank of Montreal (BMO) cited Canaport LNG
as an important contributor to the expected economic growth
in New Brunswick. The BMO Provincial Outlook report
states: “Real investment in non-residential structures
is expected to jump 12.2 percent in 2006, compared to a
gain of 2.7 percent last year. The largest increases are
anticipated in the retail trade and transportation and
warehousing sectors. The latter reflects work on the C$750
million Canaport liquid natural gas terminal near Saint
John. Construction on the terminal began last September,
and the terminal is scheduled to be in operation in 2008.”
About Canaport LNG
Canaport LNG is constructing a state-of-the-art
LNG receiving and regasification terminal in Saint John,
New Brunswick that will begin operations in late 2008.
The terminal will be the first LNG regasification plant
in Canada, sending out natural gas to both Canadian and
US Markets. Canaport LNG will have a send-out capacity,
or the ability to distribute via pipeline, of 28 million
cubic meters (1 billion cubic feet) of natural gas a day.
About Repsol YPF
Repsol YPF is an integrated international oil and gas
company headquartered in Madrid, Spain and operating in
more than 25 countries. It is one of the 10 major private
oil and gas companies in the world and, in terms of assets,
is the largest private energy company in Latin America.
Repsol YPF has a hydrocarbon production capacity of more
than 1.1 million barrels oil equivalent (BOE) per day,
and its oil and gas reserves total more than 5.4 billion
BOE. These reserves are located mostly in Latin America
and North Africa.
About Irving Oil
Founded in 1924, Irving Oil is a privately owned regional
refining and marketing company with a history of long-term
partnerships and relationships. Irving Oil operates Canada's
largest refinery, in Saint John, N.B., which is located
65 miles north of the U.S. border and has reached production
rates in excess of 300,000 barrels per day. The refinery
exports over 80 per cent of its production to the U.S.,
and accounts for 75 per cent of Canada's gasoline exports
to the U.S. and 19 per cent of all US gasoline imports.
In 2003, Irving Oil became the first oil company to receive
a U.S. Environmental Protection Agency Clean Air Excellence
Award, for its clean gasoline. Approximately 7,000 people
currently work with the company.
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