LNG Regassification Terminal for Canaport

The initial phase of construction for the Canaport LNG project begins this week at Irving Canaport. Clearing of the site was completed in May 2005. The initial construction phase involves site excavation and leveling, and is the precursor to full-scale construction.

Front end engineering design for the project is now complete, and Canaport LNG issued a request for proposals for engineering, procurement and construction (EPC) earlier this summer. Onshore construction is scheduled to begin in Spring 2006.

Irving Oil Limited and Repsol YPF, S.A. announced in June that they had formed a new partnership, Canaport LNG, which will construct, own and operate the LNG regassification terminal in Saint John. The Canaport LNG terminal will be operational in 2008, initially delivering 1 billion cubic feet per day of regassified LNG into the market.