Prince Rupert Gas Transmission Announces Project Agreement With Lake Babine Nation
SMITHERS, BRITISH COLUMBIA--(Marketwired - May 12, 2015) - TransCanada (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that its Prince Rupert Gas Transmission project (PRGT) has entered into a Project Agreement with the Lake Babine Nation of northern B.C. that provides the Nation with financial and other benefits related to the pipeline project. The Project Agreement will provide annual legacy payments for the duration of the commercial operation of the pipeline, plus immediate benefits on signing, and at other key project milestones.
Pipeline Project Agreements are part of a comprehensive approach to working with First Nations on liquefied natural gas (LNG) opportunities, including developing skills training, employment and involving First Nations in developing business opportunities.
"We are very pleased to have concluded this Project Agreement with Lake Babine Nation as they have played a significant role in helping us refine the project in their traditional territory and they will continue to be a key partner as we advance toward construction and operation of the pipeline," said Dean Patry, president of PRGT. "We truly value the relationship we have built with the Nation. This agreement reflects our commitment to engage with Lake Babine Nation communities in a meaningful and respectful way."
Lake Babine Nation Chief Wilfred Adam expressed support for the project. "After extensive engagement and negotiations with PRGT we believe that they will work with us to ensure our environmental concerns have been adequately addressed and that the project will provide significant financial and contracting benefits to us," said Chief Adam.
PRGT is proposing to design, build, own and operate (subject to required regulatory and commercial approvals) a 900 kilometre natural gas pipeline to deliver natural gas from a point near Hudson's Hope to the proposed Pacific NorthWest LNG facility at Lelu Island, off the coast of Port Edward, near Prince Rupert. Project details can be found at www.princerupertgas.com.
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,900 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.
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