Westcoast Energy Announces Capital Budget for 2000.VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 1, 1999-- Westcoast Energy(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :W.) (ME:W.) (CDNX CDNX See Canadian Venture Exchange (CDNX). :W) (NYSE NYSE See: New York Stock Exchange :WE) Michael Phelps For the American biophysicist, see . Michael Fred Phelps II (born June 30, 1985 in Baltimore, Maryland) is an American swimmer and World Record Holder in several events. , Chairman and Chief Executive Officer, Westcoast Energy Inc., today announced that the Board of Directors has approved a capital budget of $1.3 billion for 2000. "This capital expenditure budget is the second largest in the Company's history. It follows record capital expenditures in 1999 of $1.6 billion, and a cumulative three-year expenditure of $4.1 billion from 1998 to 2000," said Mr. Phelps. "We are nearing the culmination of this major capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. phase; many of the projects encompassed in this record period of growth for Westcoast Energy will be completed and will start operations in 2000," noted Mr. Phelps. "We have also struck a capital budget that allows us to live within our means next year. We will continue to fund our capital program from our existing capital base. In addition, we continue to seek improved performance from our base businesses of Pipelines and Field Services and Distribution, and we continue to work to improve performance in our Engage Energy and Union Energy business units. Businesses which do not add long-term value will be candidates for asset redeployment Asset Redeployment The strategic relocation of company assets in order to increase profitability. Notes: By redeploying assets, a company is restructuring itself in order to become more efficient and profitable. ," stated Mr. Phelps. "We have had a very busy couple of years. Our goal now is to get the major projects completed and get them in operation and contributing positively to our results. This is our focus for 2000," noted Mr. Phelps. Westcoast Energy has a major stake in the two largest new pipeline projects in North America. Maritimes & Northeast Pipeline (Westcoast Energy share - 37.5%) was completed this year and has received interim approval to operate from the National Energy Board. The Alliance Pipeline (Westcoast Energy share - 23.6%) is expected to complete construction and begin operation in the fall of 2000. In addition, the Aux Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. natural gas liquids plant associated with the Alliance Pipeline will begin operation in the fall of 2000, as will the Vector Pipeline which will be constructed to help move natural gas past Chicago into eastern Canada and the northeastern United States. In Mexico, both the Campeche (Westcoast Energy share - 45%) and the Cantarell (Westcoast Energy share - 20%) projects are expected to commence operations in the second and third quarters, respectively. In China, the Shanghai Power Project (Westcoast Energy share - 32.5%) is expected to begin operation in the first quarter of 2000. The Company continues to develop two major power generation projects with an expected in-service date of late 2000 or early 2001; the Island Cogeneration Project, a wholly owned power generation project on Vancouver Island, and the Bayside Power Project near Saint John, New Brunswick Saint John[3] is the largest city in the province of New Brunswick and the oldest incorporated city in Canada. In 2006 the city proper had a population of 68,043. The population of the Census Metropolitan Area is 122,389. . "Our strategy is to be a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. company providing superior energy services Superior Energy Services is an oil and gas company based in Harvey, Louisiana, USA with many other locations around the world. value to our customers. This budget, and the completion of these major projects, moves us firmly in that direction," concluded Mr. Phelps. Westcoast Energy Inc. (TSE:W; ME:W; CDNX:W; NYSE: WE) headquartered in Vancouver, British Columbia, is a leading North American energy company with assets of approximately $11 billion. The Company's interests include natural gas gathering, processing, transmission, storage and distribution, as well as power generation, international energy businesses, and financial, information technology and energy services businesses. More information is available on the Company's web site at www.westcoastenergy.com |
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