Emera to invest $350 million in Brunswick pipeline project
Emera Inc. said Tuesday that it will invest approximately $350 million in a proposed 145-kilometre Brunswick natural gas pipeline.
The pipeline will deliver natural gas from the planned Canaport liquefied natural gas (LNG) import terminal near Saint Johnto markets in Canada and the northeast United States.
Halifax-based Emera said it has already negotiated a 25-year agreement with Repsol, one of the partners in the Canaport terminal, to ship gas.
The Brunswick pipeline project still requires the approval of the National Energy Board.
Construction by a subsidiary of North Carolina's Duke Energy is planned to begin in 2007, with a completion date oflate 2008.
The company said the Brunswick pipeline will travel through southwest New Brunswick to connect with the 1,000-kilometre Maritimes & Northeast Pipeline at the Canada-U.S. border near Baileyville, Maine. Emera is also partner inMaritimes & Northeast Pipeline.
"This is a solid opportunity for Emera to grow its business with a quality project that builds on our investment in Maritimes," said Chris Huskilson, Emera'spresident and CEO.
"LNG will play an important role in the energy security of the region, and will bring economic benefits."