Irving Oil's joint venture partner, TransCanada, announced on 5 October that it will be terminating the Energy East pipeline as a result of changing circumstances around the project.
"We are disappointed with this decision," says Ian Whitcomb, President of Irving Oil. "This is a sad day for Canada. The construction of the Energy East pipeline was a once-in-a-lifetime opportunity. This was a CAN$15 billion private-sector investment that would have enabled further investment and development in our country, creating thousands of skilled jobs and generous tax revenues and royalties for all levels of government along with creating energy security for our country."
Irving Oil has worked together with TransCanada on this project since it was first announced in 2013.
"We are proud of the hard work and commitment to the Energy East project shown by our employees and TransCanada over the last four years," says Whitcomb. "While this is not the result we hoped for, we will continue to drive our business forward to ensure a positive and prosperous future for our region, our communities and our company."
"Irving Oil wishes to thank the countless organisations, companies and individuals who supported this project and believed in its value for our country," says Whitcomb. "Given the potential benefits of this project for our nation, we believe the reasons for its demise should be carefully examined and discussed in an effort to protect and ensure a strong and secure Canadian economy in the future."
Read the article online at: https://www.worldpipelines.com/business-news/10102017/energy-east-cancellation-irving-oil-responds/