CALGARY, ALBERTA–(Marketwired – Sept. 30, 2015) – Veresen Inc. (“Veresen” or the “Company”) (TSX:VSN) announced today that the Federal Energy Regulatory Commission (“FERC”) in the United States has issued a final Environmental Impact Statement (“EIS”) for Jordan Cove LNG and Pacific Connector Gas Pipeline (“Pacific Connector”). Jordan Cove LNG and Pacific Connector formally filed applications with the FERC for approval to construct a liquefied natural gas (“LNG”) export terminal at Coos Bay, Oregon and a 232-mile natural gas pipeline from Malin, Oregon to the LNG terminal in May and June 2013, respectively.
“The final EIS is a significant regulatory milestone for Veresen,” said Don Althoff, President and CEO of Veresen. “We have worked closely with federal, state and local regulatory agencies and with local communities over the past three years, and I’m extremely proud of all the effort and due diligence undertaken to ensure that the terminal and pipeline are designed to meet or exceed all of the required environmental standards.”
“Receipt of our final EIS demonstrates our strong progress on the permitting front and paves the way for Jordan Cove LNG to be the first LNG export facility to be built on the west coast,” added Elizabeth Spomer, President and CEO of Jordan Cove LNG. “This regulatory milestone will be viewed as great news by our target customers.”
FERC’s Notice of Schedule, issued in June 2015, provides for the issuance of a final order and certificates for Jordan Cove LNG and Pacific Connector on or before December 29, 2015. Veresen expects to obtain a FERC “Notice to Proceed” in mid-2016, leading to a final investment decision thereafter.
Jordan Cove LNG will be among the largest commercial ventures in Oregon’s history, and will foster regional prosperity through job creation, community investment and other local benefits.
Jordan Cove LNG is a wholly-owned subsidiary of Veresen. Pacific Connector Gas Pipeline is owned equally by a subsidiary of Veresen and a subsidiary of The Williams Companies, Inc.
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes a partnership interest in Veresen Midstream Limited Partnership which owns assets in western Canada, an ownership interest in Aux Sable, a world-class natural gas liquids (NGL) extraction facility near Chicago, and other natural gas and NGL processing energy infrastructure; and a power business comprised of a portfolio of assets in Canada. Veresen is also developing Jordan Cove LNG, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the associated Pacific Connector Gas Pipeline. In the normal course of business, Veresen regularly evaluates and pursues acquisition and development opportunities.
Veresen’s Common Shares, Cumulative Redeemable Preferred Shares, Series A, Cumulative Redeemable Preferred Shares, Series C and Cumulative Redeemable Preferred Shares, Series E trade on the Toronto Stock Exchange under the symbols “VSN”, “VSN.PR.A”, “VSN.PR.C” and “VSN.PR.E”, respectively. For further information, please visit www.vereseninc.com.
Certain information contained herein relating to, but not limited to, Veresen and its businesses and the offering of the notes, constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Veresen expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as “may”, “estimate”, “anticipate”, “believe”, “expect”, “plan”, “intend”, “target”, “project”, “forecast” or similar words suggesting future outcomes or outlook. Forward-looking statements in this news release include, but are not limited to, the timing of, and our ability to successfully obtain regulatory approvals for the construction of the Jordan Cove LNG facility and the Pacific Connector Gas Pipeline. Readers are also cautioned that such additional information is not exhaustive. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management’s future course of action would depend on its assessment of all information at that time. Although Veresen believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual results achieved will vary from the information provided herein and the variations may be material. Veresen makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Veresen does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
Director, Investor Relations