5/31/06

The Spanish company Repsol will supply gas to the Northeastern part of the US

Canaport LNG, the partnership between the Spanish company Repsol YPFand Irving Oil, announced that it has been awarded the on-shore and off-shore Engineering, Procurement, and Construction (EPC) contracts and issued the final notice to proceed for the construction of the first new liquefied natural gas (LNG) receiving terminal on the East Coast of North America in decades. Also, Repsol YPF completed its agreements to transport natural gas from the Canaport LNG Terminal to markets in Canada and the Northeast US via the Brunswick Pipeline and an expansion of the Maritimes & Northeast Pipeline system in the US. ”The launching of this Project marks another key milestone for Repsol in accomplishing its strategy to grow its integrated LNG business worldwide,” said Nemesio Fernandez-Cuesta, Director General of Repsol’s Upstream and LNG Sector. “We look forward to being a part of the community of Saint John and the Atlantic Provinces, while providing secure natural gas supplies to them and the markets in the US Northeast”. “With today’s announcements, we take two big steps towards increasing the security of energy supply to this region and solidifying the Southern New Brunswick energy hub”, said Kenneth Irving of Irving Oil. The Canaport LNG Terminal is scheduled to begin operations in late 2008. Based in Madrid, and operating or present in more than 25 countries, Repsol YPF is one of the world’s ten largest oil and gas companies.