PIPELINES / IPL Energy - Issuance of Line 9 Final Construction
Notice Permits Project to Proceed
TSE, ME SYMBOL: IPL
NASDAQ SYMBOL: IPPIF
JULY 22, 1998
CALGARY, ALBERTA--(July 22, 1998) Refiners supporting the Line 9
Reversal project, as approved by the National Energy Board on
December 18, 1997, have issued the Final Construction Notice
thereby allowing construction to commence immediately. The
refiner group includes Imperial Oil, Shell Oil, Petro-Canada and
Novacor Chemicals.
IPL Energy's existing 30 inch diameter Line 9 pipeline between
Sarnia and Montreal will be reversed to transport crude oil from
Montreal, Quebec to refineries located in Oakville, Nanticoke and
Sarnia, Ontario. The 832 km Line 9 will receive imported crude oil
from the Portland Pipe Line and Montreal Pipeline systems, which
run between Portland, Maine and Montreal. The ultimate capacity of
the line will be 240,000 barrels per day and the project cost is
estimated at $90 million.
"We are very pleased that construction is proceeding," said Brian
F. MacNeill, IPL Energy President & CEO. "The project allows IPL
Energy to utilize an idle asset and meet the needs of our
customers. The reversal represents a market-driven solution which
allows Ontario refiners to access cost-effective offshore crude --
which enhances the competitiveness of their operations"
The projected in-service date for the reversed Line 9 is April
30, 1999.
IPL Energy Inc. is a leader in energy delivery and services,
operating the world's longest crude oil and liquids pipeline
through the combined Interprovincial Pipe Line Inc. and Lakehead
Pipe Line Partners, L.P. system, and Canada's largest natural gas
distribution company through The Consumers' Gas Company Ltd. which
serves 1.4 million residential, commercial and industrial
customers in south central and eastern Ontario, Quebec and Upper
New York State. IPL Energy's common shares trade on the Toronto
and Montreal stock exchanges in Canada under the symbol "IPL". In
the United States the shares trade on The NASDAQ National Market
under "IPPIF". Lakehead's preference units trade on the New York
Stock Exchange under "LHP".
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