AltaGas Ltd. and Idemitsu Kosan Co., Ltd. Form Partnership to Pursue Opportunities to Export Energy From Canada
29 Januar 2013 - 6:15AM
Marketwired Canada
AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) and Idemitsu
Kosan Co.,Ltd. ("Idemitsu") (Tokyo Stock Exchange: 5019) today announced that
the companies have signed an agreement to form the AltaGas Idemitsu Joint
Venture Limited Partnership ("Partnership"). The Partnership plans to pursue
opportunities involving exports of liquefied petroleum gas ("LPG") and liquefied
natural gas ("LNG") from Canada to Asia. AltaGas and Idemitsu will each own a
50 percent interest in the Partnership.
"We are excited to partner with Idemitsu, a global leader in the supply of
energy, petroleum, lubricants and petrochemical products and services to the
people of Japan. Idemitsu has a proud heritage of creating value for the
benefit of Japan and the societies, consumers and communities in which they
operate", said David Cornhill, Chairman and CEO of AltaGas. "We are pleased to
work with Idemitsu to develop opportunities that will be good for the people of
Japan and Canada. As we move forward, we will continue in our commitment to
engage and work effectively with Governments, First Nations, and other
stakeholders."
"Canada is one of the world's most resource-rich countries and has proven to be
a very promising new supplier of gas to Japan. As a leading energy
infrastructure company in Canada, AltaGas has enjoyed rapid and sustainable
growth in its natural gas infrastructure, power generation, and natural gas
distribution businesses. The Partnership with AltaGas is a natural fit with
Idemitsu's gas and power business. AltaGas is simply the best strategic partner
for us in terms of both existing business and potential opportunities, and we
have great expectations and enjoyment in our collaborative discussions with this
rapidly growing company. We believe that a joint venture with AltaGas will
enhance the businesses of both companies while making a significant contribution
to the national interests of both Canada and Japan." said Mr. Kazuhisa Nakano,
President of Idemitsu Kosan Co., Ltd.
The Partnership plans to pursue opportunities to develop long-term natural gas
supply and sales arrangements to meet the growing demand for natural gas in
Asia. As Asia's largest LNG consumer, Japan would benefit from a new and
dependable source of LNG from the Partnership. LNG from Canada would provide a
clean, stable, and reliable source of energy to meet Japan's growing demand for
natural gas. The development of a Canadian LNG export opportunity would also
provide long-term benefits to Canadians at a time when Canada is seeking to
diversify its energy markets.
The Partnership will undertake feasibility studies for the development and
construction of liquefaction facilities as part of the proposed project to
export LNG to markets in Asia. The feasibility study is expected to be
completed by early 2014. The pipeline capacity required to transport natural gas
to the liquefaction facility is expected to be provided by AltaGas' wholly owned
subsidiary Pacific Northern Gas Ltd. Subject to consultations with First
Nations, and the completion of the feasibility study, permitting, regulatory
approvals and facility construction, the proposed LNG exports could begin as
early as 2017.
The Partnership also plans to pursue opportunities to develop a LPG export
business, including logistics, plant refrigeration and storage facilities. The
feasibility study is expected to be completed in 2013. Idemitsu is a
shareholder of Astomos Energy Corporation, one of the world's largest LPG
suppliers. Subject to consultations with First Nations, and the completion of
the feasibility study, permitting, regulatory approvals and facility
construction, the proposed LPG export business could begin as early as 2016.
The Partnership will also evaluate additional opportunities to own and operate
infrastructure assets for other energy businesses in North America and to supply
energy from North America to Japan and other growing countries in Asia. These
opportunities are expected to develop over time as AltaGas and Idemitsu work
together to create value for their shareholders and the communities in which
they operate.
Company Profiles
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Company Name AltaGas Ltd.
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Location 1700, 355 - 4th Avenue, S.W. Calgary, Alberta T2P 0J1 CANADA
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Representative David W. Cornhill
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Established April 1,1994
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Energy infrastructure business with a focus on natural gas,
Business power and regulated utilities. AltaGas creates value by
Description acquiring, growing and optimizing its energy infrastructure,
including a focus on renewable energy sources.
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Website http://www.altagas.ca/.
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Company Name Idemitsu Kosan Co.,Ltd.
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Location 3-1-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN
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Representative Kazuhisa Nakano
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Established March 30, 1940
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Petroleum refining and manufacture and sale of oil products
Business manufacture and sale of petrochemical products, E&P of
Description petroleum and coal.
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Website www.idemitsu.com
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This news release contains forward-looking statements. When used in this news
release, the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "seek", "propose", "estimate", "expect", and similar
expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended
to identify forward-looking statements. In particular, this news release
contains forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. These statements
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect AltaGas' current views with
respect to future events based on certain material factors and assumptions and
are subject to certain risks and uncertainties, including without limitation,
changes in market, competition, governmental or regulatory developments, general
economic conditions and other factors set out in AltaGas' public disclosure
documents. Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release, including
without limitation those listed above. These factors should not be construed as
exhaustive. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying forward-looking statements prove incorrect, actual
results may vary materially from those described in this news release as
intended, planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or incorporated by
reference in this news release, should not be unduly relied upon. Such
statements speak only as of the date of this news release. AltaGas does not
intend, and does not assume any obligation, to update these forward-looking
statements. The forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
AltaGas Ltd.
Investment Community
1-877-691-7199
investor.relations@altagas.ca
AltaGas Ltd.
Media
403-691-9873
media.relations@altagas.ca
Idemitsu Kosan Co., Ltd.
Investment Relations
+81-3-3213-9307
Relations Office, Treasury Department
Idemitsu Kosan Co., Ltd.
Media
+81-3-3213-3115
PR section, PR&CSR Office
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