Maritimes & Northeast Pipeline Announces Precedent Agreement with Nova Scotia Power Inc.HALIFAX, Nova Scotia--(BUSINESS WIRE)--March 6, 1997--Westcoast Energy Inc (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ME, VSE See DOS/VSE. VSE - Virtual Storage Extended :W, NYSE NYSE See: New York Stock Exchange :WE) Maritimes & Northeast Pipeline Limited Partnership has signed a precedent agreement to deliver natural gas to Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography Power Inc. Nova Scotia Power Inc. has agreed to contract capacity of 90,000 million British thermal units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. per day (mmBtu/d). "This is a significant milestone for our project," says Pat Langan, president, Maritimes & Northeast Pipeline. "We had an excellent market response to our request for services last year, and now we have taken the next step by signing a second precedent agreement to deliver natural gas to a major Maritime company. This adds to a precedent agreement for 25,000 million Btu/d signed with New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. Power Corporation in 1996. We anticipate further precedent agreements to be signed in the near future, as the Maritime market develops." A precedent agreement is a conditional commitment subject to satisfactory conditions, including gas pricing and supply, which obligates both Maritimes & Northeast Pipeline and the customer to proceed to put in place the necessary facilities, and seek the approvals required. The foregoing would enable Maritimes & Northeast Pipeline to provide natural gas transportation service by November 1, 1999. Customers negotiate separately with the natural gas producers for supply of the product itself. Maritimes & Northeast Pipeline provides the transportation component. "We are pleased to be a part of bringing a new energy supply to Nova Scotia," says Pat Langan. "After a thorough review of available sources of energy, Nova Scotia Power decided to add natural gas to its energy mix. The precedent agreement with Maritimes & Northeast Pipeline will provide Nova Scotia Power with the necessary transportation facilities for this new fuel source." "These precedent agreements are significant first steps in the establishment of natural gas markets in Nova Scotia and New Brunswick," he added. Operating with an initial capacity of 530,000 mmBtu/d, the proposed 1038 kilometre underground pipeline will serve Nova Scotia, New Brunswick and New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. markets before interconnecting with the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. pipeline grid near Dracut, Massachusetts. The Canadian segment of the Maritimes & Northeast Pipeline will be built and operated by Westcoast Energy Inc., a publicly owned and operated Canadian corporation and a leader in the North American natural gas industry. Headquartered in Vancouver, Westcoast Energy Inc. has $9 billion in assets and is Canada's sixteenth largest company. Westcoast Energy Inc. serves 1.4 million customers across Canada and employs over 6000 people. CONTACT: Westcoast Energy Inc., Halifax Jerry Norcia, 902/425-4474 or Westcoast Energy Inc., Vancouver Patricia Bowles, 604/ 488-8093 |
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