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| Canaport LNG Commissioned September 24, 2009: Chairman Antonio Brufau and Kenneth Irving, Chairman of Fort Reliance, today officially opened the Canaport LNG terminal in Canada, marking the completion of the first of ten key projects in Repsol's 2008-2012 Strategic Plan. Brufau and Irving were accompanied by Shawn Graham, Premier of New Brunswick. The terminal, built in partnership with Fort Reliance, is the first of its kind to be built on the east coast of North America in 30 years and the first ever to be built in Canada. The 1 Bcf per day facility will provide supplies of natural gas to homes, businesses and industry in Canada and the northeast United States. Repsol is the managing general partner of Canaport LNG, with a 75 percent stake, and has contracted for 100 percent of the plant's capacity. Repsol began selling gas in northeast of the US in 2008. "The Canaport LNG terminal commissioning demonstrates Repsol's commitment to the LNG business," said Antonio Brufau, Chairman of Repsol. "Canaport LNG highlights Repsol's ability to develop and construct complex energy projects." "We would like to thank our community for their support, especially during the early days when it was just an idea. We are very proud to be associated with Repsol on this project and are grateful for the trust they have invested in us as their local partner," said Kenneth Irving. Repsol's commercial strategy in LNG aims to reinforce its position in the commodity's global trade, which is key for the company's mid- and long-term growth. The company's strategic plan aims to quadruple the volumes of LNG sold by 2012. Repsol (http://repsol.com/es_en/) is Spain's largest oil company, and the sixth largest in Europe. Repsol is present in more than 30 countries where it has interests ranging from exploration and production through shipping, refining, LNG, LPG and retail sales. Repsol Energy North America Corporation and Repsol Energy Canada Ltd. are the entities that will engage in the sale of the regasified LNG in the US and Canada, respectively. |
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