Port Hawkesbury, N.S. (May 18, 2005) - Nova Scotia Business Incorporated (NSBI) and Bear Head LNG Corporation, an affiliate of Anadarko Canada Corporation, announced the creation of the Strait Area Growth Fund today, May 18.
"This is a strong commitment from Anadarko to further invest in Nova Scotia's innovative, resourceful and modern workforce," said Premier John Hamm. "When you combine the benefits of this growth fund with the LNG terminal at Bear Head, you can clearly see the growing economic strength of the Strait region, now and in the future."
The fund will provide the basis for a new source of funding to promote businesses and industries complementary to the liquefied natural gas (LNG) regasification terminal being developed by Anadarko on Cape Breton Island.
Once the proposed LNG terminal is operational, which is anticipated to be 2008, Bear Head LNG plans to provide $7,500,000 US to the fund over a period of 10 years. The fund will be used to help promote and develop the many business opportunities in the Strait area that are being generated by the proposed Bear Head LNG regasification terminal in Richmond County.
"New businesses and industries that can support and create new markets for energy can contribute to the long-term economic health of the Strait area," said Randy Kopjar, vice-president of gas commercialization for Anadarko Canada Corporation. "We see this as an investment in the Strait area - and Nova Scotia - that will provide returns for the project and the communities we've partnered with, for years to come."
The fund will be guided by a locally-based advisory committee to be assembled jointly by NSBI and Anadarko.
"This fund was designed to ensure that the maximum economic benefit is gained by the community," said Stephen Lund, president and CEO of NSBI. "NSBI is firmly committed to pursuing and promoting several diverse synergetic industries to take full advantage of the opportunities in the Strait area resulting from the Bear Head LNG project."
NSBI is the business development agency for Nova Scotia, led by a private-sector board of directors. It is the investment attraction arm of the province and helps companies in Nova Scotia meet their growth potential through business advisory, export development and financing services.