Canadian pipeline got canceled yesterday....Oooops. Buy your gas stocks NOW!!!
Wednesday April 22, 11:32 am Eastern Time
Viking Gas withdraws from pipeline project
WASHINGTON, April 22 (Reuters) - Viking Gas Transmission Co., a unit of Northern States Power Co., said Wednesday it withdrew from participation in the proposed $1.2 billion natural gas Viking Voyageur pipeline project.
In a filing with the U.S. Securities and Exchange Commission, Viking said the proposal did not receive the necessary support to make the project viable at this time under the proposed schedule.
However, Viking said it believes a pipeline project will go forward in the future to meet expectations of a sharp rise in natural gas demand for the upper Midwest in the years ahead.
The proposed 1.4 billion cubic feet a day pipeline would have carried natural gas from Emerson, Manitoba, in Canada to Joliet, Illinois.
The pipeline route would have allowed communities along the way in Minnesota and Wisconsin to tap into it, Viking said. The pipeline had been scheduled to begin service Nov. 1, 1999.
The project had received strong support from businesses, economic development groups, gas distribution companies and state energy agencies, Viking said.
TransCanada PipeLines Ltd (TRP.TO - news), like Viking, is a 40 percent owner of the project. Nicor Inc (GAS - news) is the other partner in the Viking Voyageur project.
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