TransCanada Corp said it would build a $5-billion pipeline for Progress Energy Canada Ltd to transport natural gas from the North Montney region in British Columbia to a proposed gas export plant at Port Edward on the Pacific coast.Progress Energy Canada, which was formed after Malaysia's Petronas bought Canada's Progress Energy Resources Corp for C$5.2 billion in December, plans to build the plant for a cost of up to C$11 billion.TransCanada, the country's largest pipeline company, said it would own and operate the Prince Rupert Gas Transmission project, expected to have an initial capacity of about 2 billion cubic feet of gas per day.Progress Energy Canada and TransCanada expect to finalize definitive agreements in early 2013, TransCanada said.
Progress Energy Resources Corp (Progress) is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves in the provinces of British Columbia and Alberta. Shares of PRQ remained unchanged at $21.99. In the past year, the shares have traded as low as $9.44 and as high as $22.94. On average, 2632980 shares of PRQ.TO exchange hands on a given day and today's volume is recorded at 2051677.
TransCanada Corporation (TransCanada) is a North American energy infrastructure company focused on natural gas pipelines, oil pipelines and energy. Shares of TRP traded higher by 1.88% or $0.9/share to $48.79. In the past year, the shares have traded as low as $39.74 and as high as $48.14. On average, 342941 shares of TRP exchange hands on a given day and today's volume is recorded at 239379.
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