Canadian Superior plans LNG facility off New Jersey

Tue May 20, 2008 10:53am EDT
 
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CALGARY, Alberta (Reuters) - Canadian Superior Energy Inc SNG.TO said on Tuesday it plans a $550 million liquefied natural gas facility off the New Jersey coast to supply gas to the U.S. Northeast by 2011.

Canadian Superior, a small natural gas explorer which recently hit a large gas pool off the coast of Trinidad, and Global LNG Inc, a private firm controlled by the explorer's management, are backing the Liberty Natural Gas Project, the company said.

As well, the company said the government of Trinidad & Tobago has been invited to participate.

The facility will be designed to regasify 2.4 billion cubic feet of liquefied natural gas from a receiving terminal 15 miles off the New Jersey coast.

A similar proposal, the Broadwater LNG project backed by TransCanada Corp (TRP.TO: Quote) and Royal Dutch Shell Plc (RDSa.L: Quote) , which wanted to put a regasification terminal in Long Island Sound, was rejected by New York's governor last month.

Canadian Superior shares rose 26 Canadian cents to C$4.27 on the Toronto Stock Exchange. The shares have climbed 17 percent over the past 12 months.

($1=$0.99 Canadian)

(Reporting by Scott Haggett; Editing by Bernadette Baum)