There was a lot of buzz along the Bay of Fundy this week after foreign news reported another big project is being considered for the Saint John area.
There is speculation another LNG terminal could be constructed. The project would cost between $2 billion and $4 billion.
The current facility is an important terminal, but is not being used nearly as much as planned because North America no longer needs to import vast quantities of natural gas.
“About ten years ago, there was zero production of natural gas in the United States. A decade later, ten years later, they are the largest producer of natural gas in the world,” says Colleen Mitchell of the Atlantic Centre for Energy.
“Now, North America is looking at exporting, rather than importing.”
According to foreign news report, the majority owner of Canaport is considering constructing another $2-billion LNG terminal in Saint John to export natural gas.
A company statement from Canaport says it is exploring options to maximize use of the facility, but no final decisions have been made.
Officials in the construction industry are enthusiastic about the potential for jobs, but are awaiting the final decision before getting their hopes up.
“There’s no doubt about it, this decision may be local as to the benefits to this geographical area, but they’re based on corporate decisions that will be made a world away,” says Stephen Beatteay of the Saint John Construction Association.
The company already has environmental approval to export gas from the site if the export terminal gets the green light.
With files from CTV Atlantic's Mike Cameron
