AltaGas Ltd. and Idemitsu Kosan Co., Ltd. Form Partnership to Pursue Opportunities to Export Energy From Canada
29 Januar 2013 - 7:15AM
Marketwired
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
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risks, uncertainties and other factors that may cause actual
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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.
Contacts: AltaGas Ltd. Investment Community
1-877-691-7199investor.relations@altagas.ca AltaGas Ltd. Media
403-691-9873media.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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