CALGARY, Alberta – Keyera Corp. (“Keyera”) and CN (TSX: CNR) (NYSE: CNI) today announced the signing of a Memorandum of Understanding that will leverage their joint expertise to evaluate the creation of a specialized clean energy terminal in Alberta’s Industrial Heartland. The new infrastructure would aggregate conventional and clean energy from multiple sources to support transportation of Alberta’s diverse energy products and further strengthen the development of Canada’s green energy future.
“This project capitalizes on a core CN strength: sustainably moving Canadian natural resources safely and efficiently to domestic and international markets” explained Tracy Robinson, CN’s President and CEO. “We are pleased to be working with Keyera on this project which will benefit Alberta and the Canadian economy. The project will offer a unique opportunity to aggregate products from multiple producers and will provide an efficient mechanism to not only support Canadian industry but also further global energy transition.”
“This agreement builds on the strengths of each partner and allows for the most efficient solutions for the industry to achieve both the needs of today’s market and the future of clean energy,” said Dean Setoguchi, Keyera’s President and CEO. “Together, Keyera and CN demonstrate how collaboration is key to creating sustainable solutions, meeting the evolving needs of our customers, and transporting high value products locally and abroad while supporting Canada’s path to net-zero.”
“Alberta’s government is thrilled to see this agreement between Keyera and CN as they work towards bringing Alberta’s clean energy products to new and growing markets across the world. This collaboration is another clear indication that Alberta has all the tools needed to be a global leader in the efforts to build a more diversified energy system, while also offering a secure and ethical source for traditional energy resources. With companies like Keyera and CN leading the way, Alberta will be looked to for generations as an international destination for responsible energy production.”
-Dale Nally, Associate Minister of Natural Gas and Electricity
“The clean energy terminal will be a significant capital investment in new infrastructure in Alberta’s Industrial Heartland (AIH). The terminal will add to the competitiveness of AIH, which will underpin additional new clean energy investments that take advantage of centralized loading and cost-efficient access to global markets. This investment also illustrates that successful collaboration has been effective in helping create new economic opportunities and enhancing the already robust offerings in AIH.”
-Mark Plamondon, Executive Director, Alberta Industrial Heartland Association
“This announcement confirms the global need for clean energy products, and demonstrates the cluster advantages right here in our region that serve markets around the globe. Opportunities for jobs and a cleaner environment will now grow even more. We are seeing the importance of existing production assets and robust transportation infrastructure to attract new investment to our region, and will continue to ensure that our region provides the right environment for local industry and businesses to succeed and grow.”
-Rod Frank, Mayor of Strathcona County
The objective of this collaboration is the creation of the most efficient rail logistics solution in Alberta’s Industrial Heartland. The proposed first-class facility would create a safe and efficient solution for industrial players to connect and transport a range of specialized low-cost sustainable energy products to key markets domestically and globally.
The high throughput, state of the art facility would be built on adjoining lands belonging to Keyera and CN. The benefits of this strategic location include an unparalleled opportunity for product aggregation through close proximity to large industrial operators, existing infrastructure to support the terminal and its customers including carbon sequestration, and direct access to the CN rail network. It is envisioned that at the time of its completion, the facility would be capable of handling six inbound and outbound high-capacity trains daily.
CN Forward-looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including relating to the timing or building of the clean energy terminal. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 18,600-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.