All financial figures are in United
States dollars.
CALGARY, May 7, 2015 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA)
reaffirms its plans to proceed towards next steps in the
development of its proposed Portland Propane Export Terminal
Project (the "Project").
The Company was disappointed to learn that Mayor Hales of
Portland has withdrawn his support
for the Project. Pembina has
appreciated the leadership, guidance and past support of the mayor
throughout the development of the Project to date.
While completing three public hearings, Pembina addressed all safety concerns related
to the Project and demonstrated the project will adhere to all
safety and seismic code standards and all environmental standards
and regulations. This process resulted in the Planning and
Sustainability Commission, which consists of ten unelected citizens
of Portland, voting in favor of
moving this Project forward to City Council for consideration. The
mayor is one of the five votes that would be represented at the
City Council hearing, which is currently scheduled for June 10, 2015.
Pembina has safely distributed
propane by rail for the past 15 years throughout Oregon and plans to continue that domestic
propane service. In 2014, Pembina
safely transported over 7.5 million gallons of propane to
Oregon, of which, over 3 million
gallons were delivered to Portland.
The Environmental Protection Agency recognizes propane as a
clean burning fuel. It is also included in Oregon's Clean Fuels Program. Propane would
play an important role in addressing the November 2014 joint commitment made by
the United States and China to reduce carbon emissions and climate
pollution. Pembina believes the
Project is a step towards transitioning developing countries from
burning bio-solid fuels like coal and wood, to less carbon
emission-intensive fuels like propane.
Pembina supports green
initiatives and has communicated its commitments to procure
renewable green energy to offset the power used at the facility.
Further, the Company and the Port of Portland have jointly committed to a
$3 million community investment fund
associated with the Project.
The Port of Portland has
reaffirmed its support of Pembina's Project and will continue working
with the Company on the proposed terminal. To date, the Company has
also received support from business leaders, union workers and city
officials and plans to continue its outreach efforts.
The $500 million Project would be
the largest private investment in Portland's history, with over half of the
cost, $250 million, sourced locally.
The Project would generate significant economic development
opportunities in the region. Once in operation, the facility is
expected to contribute approximately $12
million in annual property tax revenue and require
$25 to $30 million per year to
operate, which would also be sourced locally. The Project would
provide 600 to 800 construction jobs and 30 to 40 permanent living
wage jobs ($70,000 to $120,000 per
year). Pembina is committed to
employing union construction workers and available local
workforces, including small businesses, and businesses owned by
minorities and women. The Company will not be seeking government
subsidies, public funds or any other incentives to financially
support the proposed Project.
Pembina is confident that
through the upcoming process with the City of Portland, it will gain support to move
forward with next steps in the development of the Project.
For more information about the Project, please visit the
Company's Project page at:
http://www.pembina.com/propaneterminal/
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for over 60 years. Pembina owns and operates an integrated system
of pipelines that transport various hydrocarbon liquids including
conventional and synthetic crude oil, heavy oil and oil sands
products, condensate (diluent) and NGL produced in western
Canada and ethane produced in
North Dakota. The Company also
owns and operates gas gathering and processing facilities and an
oil and NGL infrastructure and logistics business. With facilities
strategically located in western Canada and in NGL markets in eastern
Canada and the U.S., Pembina also offers a full spectrum of
midstream and marketing services that spans across its operations.
Pembina's integrated assets and
commercial operations enable it to offer services needed by the
energy sector along the hydrocarbon value chain.
Pembina is a trusted member of
the communities in which it operates and is committed to running
its businesses in a safe, reliable and environmentally responsible
manner that is respectful of community stakeholders.
Forward-Looking Statements & Information
This document contains certain forward-looking statements and
information (collectively, "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation that are based on Pembina's current expectations, estimates,
projections and assumptions in light of its experience and its
perception of historical trends. In some cases, forward-looking
statements can be identified by terminology such as "expects",
"will", "could", "would", "believes" "plans" and similar
expressions suggesting future events or future performance.
In particular, this document contains forward-looking
statements pertaining to, without limitation, the following: the
terminalling services including the anticipated benefits of the
terminalling services to the City of
Portland, Pembina and
environmental impacts; the continued support of the Port of
Portland; the anticipated capital
expenditures and sources thereof related to the terminalling
services, community investment and renewable green energy; the
anticipated impact of the project on the local economy and
employment; and the anticipated outcome of the process with the
City of Portland. These
forward-looking statements and information are being made by
Pembina based on certain
assumptions that Pembina has made
in respect thereof as at the date of this document including those
discussed below.
With respect to forward-looking statements contained in this
document, Pembina has made
assumptions regarding, among other things: ongoing utilization and
future expansion, development, growth and performance of
Pembina's business and asset base;
the continued support of required third parties; future demand for
transportation services and commodities; future levels of oil and
natural gas development.
Although Pembina believes
the expectations and material factors and assumptions reflected in
these forward-looking statements are reasonable as of the date
hereof, there can be no assurance that these expectations, factors
and assumptions will prove to be correct. Readers are cautioned
that events or circumstances could cause results to differ
materially from those predicted, forecasted or projected. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements and
information.
None of the forward-looking statements described above are
guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties, including, but not
limited to: the failure to realize the anticipated benefits of the
terminalling services; the impact of competitive entities and
pricing; reliance on key partners, alliances and agreements; the
strength and operations of the oil and natural gas production
industry and related commodity prices; the continuation or
completion of third- party projects; tax laws and treatment;
fluctuations in operating results; lower than anticipated results
of operations and accretion from Pembina's business initiatives; the ability of
Pembina to raise sufficient
capital (or to raise capital on favourable terms) to complete
future projects and satisfy future commitments.
The forward-looking statements contained in this document
speak only as of the date of this document. Pembina does not undertake any obligation to
publicly update or revise any forward-looking statements or
information contained herein, except as required by applicable
laws. The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Pembina Pipeline® is a registered trademark of
Pembina Pipeline Corporation.
SOURCE Pembina Pipeline Corporation