Grand Rapids Contributes Portion of Diluent Pipeline to Keyera Joint Venture
CALGARY, ALBERTA--(Marketwired - Aug. 6, 2015) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced that the Grand Rapids Pipeline Limited Partnership (Grand Rapids) has entered into an agreement to contribute the southernmost portion of the 20-inch diluent Grand Rapids Pipeline into a 50/50 joint venture with Keyera Corp. (TSX:KEY). The 45-kilometre (28-mile) pipeline will be constructed by Grand Rapids and will extend from Keyera's Edmonton Terminal to TransCanada's Heartland Terminal near Fort Saskatchewan. Keyera will also contribute a new pump station at its Edmonton terminal.
"This strategic partnership with Keyera will bring value to Grand Rapids shippers," said Russ Girling, TransCanada's president and CEO. "It will enable Alberta oil sands producers to gain access to a reliable and cost effective source of diluent and help them meet the growing demand for the energy that powers our daily lives across North America."
Grand Rapids expects its total contribution to the joint venture will be approximately $140 million. Keyera will operate the pipeline once construction is complete and the facilities are in-service.
The expected in-service date is in the second half of 2017 subject to regulatory approvals.
About Grand Rapids
Grand Rapids is a joint venture between TransCanada and Brion Energy Corporation (Brion), with each company owning 50 per cent. The Grand Rapids project, which will be operated by TransCanada, began construction in Fall 2014 and will become operational in stages, with initial crude oil transportation expected in 2016.
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 liquids 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 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 liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.
Brion Energy Corporation is evolving in step with Canada's energy industry. Founded in 2010 as a Canadian subsidiary of PetroChina Company Limited, Brion has grown into a dynamic corporation with $10B in integrated Canadian energy assets including existing production in unconventional gas and liquids, and future developments in oil sands (MacKay River and Dover), pipelines and LNG. For more information visit: www.brionenergy.com
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated July 31, 2015 and 2014 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
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