The news is significant for the Calgary-based firm as it will be responsible for designing, building, owning and operating the proposed project for Progress Energy Resources, which since late last year has been a subsidiary of Malaysian state-owned firm PETRONAS.TransCanada added in the press release that it will spend approximately $1.5 billion to extend an existing transmission line to serve Progress and other natural gas suppliers. Funding will be aimed at extending its existing NOVA Gas Transmission system in Northeast BC so that it connects to both the Prince Rupert Gas Transmission project and additional North Montney gas supply from Progress and other parties.
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