SAINT JOHN, NB, Aug. 12, 2021 /PRNewswire/ - TC Energy
Corporation (TSX: TRP) (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 2005, 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 Irving Oil
Irving Oil is an international energy company with
a commitment to doing good business grounded in
the values we uphold. Founded in 1924, Irving Oil operates
Canada's largest refinery in
Saint John, New Brunswick, along
with more than 900 fuelling locations and a network
of terminals spanning Eastern
Canada and New England. We also operate Ireland's only refinery, located in
the village of Whitegate. In 2019, Irving Oil expanded
its presence in Ireland by
acquiring Top Oil, a leading supplier of home heating oil,
petrol and diesel fuel. We are on a continuous journey of
sustainable development while meeting the evolving energy
needs of our customers. Named one of Canada's Top
100 Employers for five consecutive years, we have
a strong customer and community focus and are committed
to growing for tomorrow. To learn more, visit us at
irvingoil.com.
About TC Energy
We 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 INFORMATION
This
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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SOURCE Irving Oil