Wednesday, January 16, 2013

Progress Energy Chooses TransCanada to build new LNG Pipeline

A $5.1 billion natural gas pipeline that will transport liquefied natural gas off Canada's West Coast will be built by TransCanada Corp., the builder of the Keystone XL oil pipeline. Bloomberg reported the Prince Rupert Gas Transmission project could transport up to 2 billion cubic feet of LNG a day from the Montney region in Alberta and British Columbia to an export facility Port Edward, B.C. The pipeline still needs to be approved by the government.

“From a trading perspective, we view today's announcement as an unexpected positive development that should provide support for [TransCanada] shares,” said Pierre Lacroix, an analyst at Desjardins Securities Inc., according to Bloomberg.

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