November 19, 1998
(Mines and Energy)

The following statement was issued today by Charles J. Furey, Minister of Mines and Energy. It was also read in the House of Assembly:

I am pleased to rise before the House today to mark the official opening of the Transshipment Terminal at Whiffen Head. This facility represents a significant component of the province's petroleum industry and is yet another example of world-class infrastructure available here in Newfoundland and Labrador.

The Transshipment Terminal will benefit both industry and the province. Oil companies now have a facility which will allow for more efficient transportation of our oil resources to market and will provide greater flexibility in the marketing of that oil. That flexibility will maximize the profitability and competitiveness of our industry.

Newfoundland and Labrador has seen considerable direct benefits from this facility, with more than 60 per cent of the $200 million site construction costs spent here in the province, and 30 per cent spent in the rest of Canada. Many local companies were contracted to work on this facility, proving yet again that we are building a knowledgeable and qualified oil and gas service industry right here in Newfoundland and Labrador.

During the construction phase, over 1.5 million person hours of employment occurred, with 93 per cent in this province. At peak construction, approximately 720 people were employed.

The benefits of the transshipment terminal should not be underestimated. It will strengthen the local economy, provide employment opportunities and create spin-off benefits.

Newfoundland Transshipment Limited has created some 47 direct full time jobs and 15 to 20 part time jobs at the facility, on the tug boats and in their St. John's office, exceeding their original estimate.

Our oil and gas industry is growing. Just two days ago we marked the one year anniversary of first oil at Hibernia. But there is much more to come, with Terra Nova progressing and other projects such as White Rose and Hebron on the horizon. The transshipment terminal is a stepping stone in the development of Newfoundland and Labrador as a major player in the world of oil and gas. The wealth of our resources, combined with our trained workforce, competitive fiscal and regulatory regimes and state of the art infrastructure, are all combining to make that a reality. On behalf of the Government of Newfoundland and Labrador, and the people of this province, I offer congratulations to everyone involved on a job well done.

1998 11 19 2:35 p.m.