Irving Oil Limited Enters Joint Venture with Repsol YPF, S.A.
NEW YORK (July 21, 2005) — McDermott Will & Emery represented Irving Oil Limited in its recently announced joint venture with Repsol YPF, S.A. The joint venture, Canaport LNG Limited Partnership, will develop a liquefied natural gas import and regasification terminal in Saint John, New Brunswick, Canada. The joint venture will construct, own and operate the terminal, which will be operational, delivering regasified liquefied natural gas into the marketplace in 2008.
The cost of the Canaport LNG terminal is estimated to be between $600 and $750 million. The Canaport LNG terminal will have an initial capacity of 1 billion cubic feet per day of natural gas, as provided in its existing permit. Repsol will be responsible for providing all of the liquefied natural gas and will hold the capacity of the terminal. Irving Oil will market the regasified natural gas in Atlantic Canada, and Repsol will market the regasified natural gas elsewhere in Canada and in the United States.
The McDermott team who led this transaction included partners Tim Alvino, Bronwyn Andreas and associate Frank McCreay. They were assisted by partners Greg Lawrence, Jon Dubrow, David Levine, Doron Ezickson, Robert Weiner and Vanessa Tanaka; and associates Charlotte Azurdia, Terence Healey and Athena Velie.
Founded in 1924, Irving Oil is a privately owned energy processing, transporting and marketing company with a history of long-term relationships. Irving Canaport is a petroleum receiving terminal situated in the most densely industrialized region north of Boston and is closer than the Gulf Coast to ports in Venezuela, Brazil, the North Sea and West Africa. For more information, visit http://www.irvingoil.com/. Repsol YPF is an integrated international oil and gas company, operating in more than 25 countries and leader in Spain and Argentina. It is one of the ten major private oil companies in the world and the largest private energy company in Latin America in terms of assets. For more information visit http://www.repsolypf.com.
