Plans for a new liquified natural gas plant in Nova Scotia's Guysborough County were announced Wednesday morning.
Two years ago, another company gave up on plans for a facility in Goldboro. But the people behind this plan say it is different because backers plan to sell the fuel to clients in Europe and India.
Pieridae Energy is behind the project. It is a $5 billion project with an on site storage capacity of 420,000 cubic metres. The facility will be located adjacent to the Maritimes and Northeast Pipeline.
Company President Alfred Sorenson estimates 33 per cent of the gas will come from the U.S., another 33 per cent from onshore gas in Eastern Canada and the rest from offshore.
The new facility would bring 1,500 construction jobs and 100 full-time jobs once the plant is fully operational.
An environmental assessment process is expected to start before the end of this year. Construction is expected to start in 2014 with the plant expected to be open in 2018.
Sorenson said he believes the project will succeed over previous efforts because this is an export, not import, facility.