Irving Oil Says Decision to Cancel Energy East Is a Lost Opportunity
SAINT JOHN – Irving Oil Limited, TransCanada’s partner on the Energy East pipeline project, said Canada has missed out on a once-in-a-lifetime opportunity” with TransCanada’s decision not to proceed with the application to build the Energy East pipeline.
Irving Oil did not make anyone available for an interview, but the company president said in a release that this is a blow for the country, not just Saint John and New Brunswick.
“We are disappointed with this decision,” said Ian Whitcomb. “This is a sad day for Canada. The construction of the Energy East pipeline was a once-in-a-lifetime opportunity.
“This was a $15-billion private-sector investment that would have enabled further investment and development in our country, creating thousands of skilled jobs and generous tax revenues and royalties for all levels of government along with creating energy security for our country.”
RELATED: TransCanada Cancels the Energy East Pipeline Project
Irving Oil has worked with TransCanada on this project since it was first announced in 2013. Whitcomb said the company is disappointed but focused on the future.
“We are proud of the hard work and commitment to the Energy East project shown by our employees and TransCanada over the last four years,” said Whitcomb. “While this is not the result we hoped for, we will continue to drive our business forward to ensure a positive and prosperous future for our region, our communities and our company.”
He did say, though, that the country needs to better understand why the pipeline was cancelled.
“Given the potential benefits of this project for our nation, we believe the reasons for its demise should be carefully examined and discussed in an effort to protect and ensure a strong and secure Canadian economy in the future,” he said.
RELATED: Business Leaders Blame Regulatory Delays, Changes for Killing Energy East