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Irving Oil Receives Permit for LNG Receiving Terminal

PORTSMOUTH, N.H. -- Irving Oil, a privately owned energy processing, transporting and marketing company, has received approval for its Liquified Natural Gas (LNG) and Multi-Purpose Pier Project, becoming the first to receive regulatory approval among LNG projects currently proposed for the East Coast. The approvals were issued by the New Brunswick Department of Environment and Local Government, Environment Canada, and Fisheries and Oceans Canada, in accordance with the provincial Environmental Assessment Regulations and the federal Canadian Environmental Assessment Act.

The facility is to be situated at the company's existing deepwater marine terminal, Irving Canaport, in operation since 1970. The current plans call for three 160,000-cubic-meter LNG tanks and a throughput capacity of 1 billion cubic feet of natural gas per day. Irving Canaport is situated 65 miles from the U.S. border.

"My grandfather had the foresight to build our refinery at this location in the late 1950s when others could not see the potential in Saint John's deep water, proximity to the northeastern United States and the capability of its people," said Kenneth Irving, president. "Today our refinery is recognized as being among North America's best. We have one of the most modern and well-maintained deepwater facilities, which is integrated with our world-scale refinery."

Irving Oil plans to continue building on these advantages. "Our company's proximity to the U.S. Northeast and our focus on long-term relationships and value creation have enabled us to grow our exports in response to increasing energy demand and new technologies," continued Irving. "Six years ago, our company undertook the largest refinery upgrade in North America in the previous decade. Today, we are moving ahead with the next building block in a proven long-term strategy."

After a thorough, three-year permitting process that assessed the project's environmental impact and benefits and included extensive consultation with stakeholders and government, the company is pleased that the government of New Brunswick and the federal government have given their approval to this project. Irving Oil anticipates the LNG receiving terminal to be operational in 2007.
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