Media Advisory: Long-time energy partners Irving Oil and TC Energy strike a made-in-Canada agreement focused on reducing emissions and creating new value
August 12 2021 - 7:30AM
Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy)
and privately held Irving Oil have signed a memorandum of
understanding (MOU) to explore the joint development of a series of
proposed energy projects focused on reducing greenhouse gas
emissions and creating new economic opportunities in New Brunswick
and Atlantic Canada.
Together, the two energy companies have identified a series of
potential projects for exploration focused on decarbonizing current
assets and deploying emerging technologies to reduce overall
emissions. The partnership’s initial focus will consider a suite of
upgrade projects at Irving Oil’s refinery in Saint John, New
Brunswick, with the goal of significantly reducing emissions
through the production and use of low-carbon power generation.
The partnership will also explore opportunities that will aid in
decarbonizing local industry over the medium- and long-term time
horizons via the production and distribution of low emission
hydrogen, coupled with a world class carbon capture and
sequestration network. The partnership will target industry
solutions that will lower the emissions in the region to align with
carbon reduction goals and enhance the opportunities for future
development in Atlantic Canada.
Irving Oil and TC Energy have a long history of working
together, including on the development and operation of Grandview
Cogeneration, a 90 MW low-carbon power plant located inside the
Saint John refinery. Commissioned in 2004, Grandview Cogeneration
helped to significantly reduce the carbon intensity of the Saint
John refinery, resulting in up to 750,000 tonnes of avoided
greenhouse gas emissions and positioning the facility in the
top-tier of global refineries.
A made-in-Canada opportunity, Irving Oil and TC Energy will
leverage their combined industry expertise, relationships and
infrastructure to support a significant reduction in greenhouse gas
emissions, create new job opportunities and help to position New
Brunswick and Atlantic Canada for future growth through the energy
transition.
“We are pleased to be working in partnership with TC Energy as
we embrace the changing energy needs of our customers and a more
sustainable energy future,” says Irving Oil President Ian Whitcomb.
“In combining and integrating the strengths of our companies – and
with a deep history in the energy sector – we are uniquely
positioned to develop innovative solutions and adopt green
technologies while continuing to provide a secure supply of energy
in the regions where we operate.”
“Through collaboration with industry partners, and by leveraging
our irreplaceable infrastructure, we can contribute meaningful
advancements toward the energy future while providing the safe,
reliable energy people need every day,” says François Poirier,
Chief Executive Officer and President, TC Energy.
“Our company is on a continuous journey to reduce our
environmental footprint while meeting the energy needs of our
customers, today and tomorrow,” says Irving Oil Executive Vice
President and Chief Brand Officer Sarah Irving. “We are proud to
continue to invest in our region, supporting economic growth
locally, provincially and nationally while adapting our business
for the future.”
The scope, timelines, and cost estimates of these joint
initiatives will be subject to the outcome of feasibility studies
and pending regulatory processes.
About TC EnergyWe are a vital part of everyday
life — delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our 7,500 people make a positive
difference in the communities where we operate across Canada, the
U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com. FORWARD-LOOKING
INFORMATIONThis release contains certain information that
is forward-looking and is subject to important risks and
uncertainties (such statements are usually accompanied by words
such as "anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this document are intended to provide TC Energy
security holders and potential investors with information regarding
TC Energy and its subsidiaries, including management's assessment
of TC Energy's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TC Energy's beliefs
and assumptions based on information available at the time the
statements were made and as such are not guarantees of future
performance. As actual results could vary significantly from the
forward-looking information, you should not put undue reliance on
forward-looking information and should not use future-oriented
information or financial outlooks for anything other than their
intended purpose. We do not update our forward-looking information
due to new information or future events, unless we are required to
by law. For additional information on the assumptions made, and the
risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to the most recent Quarterly
Report to Shareholders and Annual Report filed under TC Energy’s
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
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Media Inquiries:Jaimie Harding / Rizalyn
Reyesmedia@tcenergy.com 403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mauinvestor_relations@tcenergy.com403-920-7911 or
800-361-6522
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