City of Port Colborne

City of Port Colborne

March 11, 2005 14:26 ET

Port Colborne Energy Park

$1.6 Billion Investment Being Touted As Niagara's Largest Economic Development Intiative In Decades Attention: Business/Financial Editor, Energy Editor, Media Editor, News Editor, Government/Political Affairs Editor PORT COLBORNE, ON--(CCNMatthews - March 11, 2005) - Mayor Ron Bodner announced at Wednesday's press conference plans for a 1.6 Billion Dollar Energy Park in Port Colborne, Ontario. The park will see the construction of a new 4600 foot long dock, a Petroleum Storage Tank Farm housing 58 - 100,000 barrel petroleum storage tanks, a Polymer Storage and Distribution Facility consisting of 20 storage tanks that will each store 25 million pounds of pelletised polymer, a 50 acre wind farm and two liquified natural gas (LNG) facilities.

Mayor Bodner remarked that "the Welland Canal is an integral part of the Port Colborne economy. This development will be the catalyst to attract future developments that promote the use of the St. Lawrence Seaway."

Once construction is completed, this development will see in excess of 250 ships a year docking in Port Colborne. We will also see the creation of 190 full time jobs, and significant employment and economic benefits to the region throughout the construction of this project.

Proponents for the development are the City of Port Colborne, Port Colborne Energy and Nyon Oil Inc. The City will be selling the appropriate lands to Port Colborne Energy who will then enter into a joint venture with Nyon Oil. Port Colborne Energy is a municipally owned utility company under the Business Corporations Act.

Mr. Larry Branscombe of Nyon Oil stated that "the reason they chose Port Colborne for this venture is due to Port Colborne's progressive approach to commercial revitalization of the Niagara Region.

"This is another example of the revenues from the leasing of Port Colborne Hydro being used to generate a new revenue stream for our shareholders, the citizens of Port Colborne," advised Mr. Len Hunt, Chairman of Port Colborne Energy. /For further information: Contact Robert Cotterill, P.Eng. Chief Administrative Officer, City of Port Colborne (905) 835-2900 ext 306 or cao@portcolborne.com / IN: ECONOMY, ENERGY, FINANCE, TECHNOLOGY, TRANSPORT

Contact Information

  • Robert Cotterill, CAO, City of Port Colborne
    Primary Phone: 905-835-2900 ext. 306
    E-mail: cao@portcolborne.com