Sydport Poised For Prosperity

A steel fabrication plant will be built at the Sydport Industrial Park. A $1.75-million loan from Nova Scotia Economic Development and matching funds from locally owned Laurentian Energy Corporation (LEC), will give Sydport a chance to compete for projects in the oil and gas and marine service industries.

"This is exactly what our economic growth strategy envisions," Economic Development Minister Cecil Clarke said today, June 5. "We're investing in critical infrastructure for a growth industry."

Through a purchase agreement with Enterprise Cape Breton Corporation, LEC has agreed to create at least 100 jobs and invest significantly in infrastructure for Sydport. The fabrication facility is estimated to cost $3.5 million and is expected to employ about 150 people at peak capacity.

The fabrication facility is in keeping with a recommendation of Gardner Pinfold -- an independent firm commissioned to identify opportunities for Cape Breton in the oil and gas industry. LEC has identified a number of potential contracts and has partnered with Peter Kiewit Sons' Co. Ltd., the seventh largest construction company in the U.S., to further identify bidding opportunities.

"The potential for this project is significant," said Laurentian president Jim Kehoe. "In putting the right infrastructure in place, we can take advantage of opportunities in a growing sector of the economy."

The steel fabrication plant is expected to handle about 5,000 tons of steel fabrication annually, and will first focus on the construction of smaller modules for the offshore.

"We're investing in the future of Cape Breton Island," said Mr. Clarke. "The community is solidly behind the project, with a $1.75 million investment, and we're pleased to help make it happen."