Keltic Secures Additional Investment for Nova Scotia

Keltic Petrochemicals has secured new investment to advance its liquified natural gas (LNG) and petrochemical project at Goldboro, Guysborough Co.

The company has reached an agreement with Petroplus International of the Netherlands to develop the LNG terminal.

"This is an important next step for our emerging LNG and petrochemical industries," said Premier John Hamm. "I congratulate the Keltic team for securing this important agreement. It shows that the province has the right mix of market accessibility, infrastructure and people to help us attract new investment."

The entire Keltic project will be worth more than $4.3 billion when it is fully developed. It includes an electrical power generation station and a petrochemical plant in addition to the LNG terminal.

The plant will be built adjacent to the Maritimes and Northeast Pipeline facility at Goldboro. That plant is already processing and shipping natural has from the Sable Offshore Energy Project. The Keltic plant will have the capacity to ship as much as one billion cubic feet of natural gas daily.

"LNG and petrochemical developments like this one are very important for Nova Scotia's energy sector," said Energy Minister Cecil Clarke. "In addition to ensuring an alternate source of energy for Nova Scotians, it will help lower transportation costs for our offshore developers by keeping the pipeline full."

The Keltic project has been registered for environmental assessment.