National Energy Board approves most elements of Repsol application for licences to import liquid natural gas and export natural

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4 September 2008

The National Energy Board (NEB) today approved an application by Repsol Energy Canada Ltd. (Repsol) for a long-term licence authorizing the importation of liquefied natural gas (LNG) into Canada, and a separate licence to export regasified LNG from Canada to the United States.

In its application, Repsol stated that the LNG will supply the CanaportTM LNG Terminal at Mispec Point, near Saint John, New Brunswick. After it is transformed back into gas, the natural gas will serve the domestic Canadian market and also be available for export to markets in the United States through the Emera Brunswick Pipeline.

After applying a market-based approach, the NEB was satisfied that the proposed import of LNG at the CanaportTM LNG Terminal is in the Canadian public interest. The NEB concluded that the volumes to be imported should be a useful addition to the supply of natural gas in North America, supplementing the supply available to Canadians to meet their energy needs. The NEB was also satisfied that Repsol will make the imported LNG available to Canadian buyers with the same financial terms and prices that will be given to export customers.

The NEB applied the Market-Based Procedure and granted the export licence that allows the regasified imported LNG to be exported to the United States.

However, the NEB denied Repsol's request to export Canadian-sourced natural gas as part of the export licence. Repsol's application did not contain sufficient information to meet the requirements of the Market-Based Procedure.

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