CALGARY, ALBERTA--(Marketwired - Sept. 29, 2016) -
AltaGas Ltd. ("AltaGas") (TSX:ALA) announced today that it has received the permit from the B.C. Oil and Gas Commission ("BCOGC") to construct, own and operate AltaGas' proposed North Pine Liquids Separation Facility (the "North Pine Facility").
To be located approximately 40 km northwest of Fort St. John, British Columbia, it is expected that the North Pine Facility will be connected to existing AltaGas infrastructure in the region, including the proposed Ridley Island Propane Export Terminal, and will serve producers in the Montney region.
"Receiving regulatory approval for our North Pine Facility is a major milestone for our northeast B.C. strategy and the overall energy value chain we can offer producers," said David Harris, President and CEO of AltaGas. "With the North Pine Facility under development we can offer producers in the Montney a new alternative for their products including the ability to reach new markets such as Asia through our proposed Ridley Island Propane Export Terminal. We will continue to engage with key stakeholders and First Nations as we bring our northeast B.C. strategy to fruition."
The North Pine Facility will have the capacity to process up to 20,000 bbls/d of C3+ and handle up to 20,000 bbls/d of C5+. In conjunction with the North Pine Facility, AltaGas continues to develop two liquids supply lines connecting the Alaska Highway truck terminal to the North Pine Facility. AltaGas submitted an application to the BCOGC at the end of August for permitting of the liquids supply lines and expects to receive regulatory approval in the fourth quarter of 2016. The North Pine Facility and the two liquids supply lines are expected to cost approximately $190 to $210 million. AltaGas expects to reach a Final Investment Decision on the North Pine Facility in the fourth quarter of 2016.
AltaGas is an energy infrastructure company with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "can", "will", "be", "intend", "possible", "plan", "develop", "anticipate", "target', "believe", "seek", "propose", "continue", "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, expectations relating to the development of the North Pine Facility and liquid supply lines including connection capability to existing AltaGas infrastructure, the proposed Ridley Island Propane Export Terminal and the Alaska highway truck terminal, alternatives for producers, access to new markets, engagement with key stakeholders and First Nations, facility specifications, processing capacity, handling capability, service area, cost, and timeline for permitting and final investment decision; 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.