Cargo Business Newswire

Thursday, October 30, 2014

U.S. companies invest in $7B LNG export facility in Quebec

U.S. investors in a $7-billion LNG export facility in Quebec hope to secure a spot in the global market as demand for the energy surges in coming years.

Freestone International, a California-based resource development company, has partnered with global equity investor Breyer Capital to develop a liquefied natural gas export facility at the port of Grand-Anse in La Baie, Quebec.

"We have a very compelling project," said Jim Illich, a former executive with U.S. engineering giant Bechtel Corp. who is leading the effort. "There’s a huge need for global energy. Europe wants diversification of their gas supply. And we’re very close to Europe."

The project, Energie Saguenay, depends on construction of a 42-inch, 650 kilometer-long pipeline connecting the plant to TransCanada Corp’s eastern triangle natural gas infrastructure, according to its regulatory filing. The supply will be sourced mainly from natural gas fields in Saskatchewan, Alberta and British Columba and potentially accessed in a number of ways, including third party agreements with gas producers, marketers and aggregators.

Securing the natural gas supply could be problematic. TransCanada’s eastern triangle is the subject of a fight setting the company, which plans to shift its mainline natural gas pipeline from the West to carry oil for the Energy East project, against natural gas utilities that believe that shift will limit supply and raise prices.

For more of the Globe and Mail story: www.theglobeandmail.com

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