Gazoduq pledges to support the economic and social development of the project’s host communities
The company will invest $34 million per year in Quebec
September 12, 2019 – Gazoduq is pleased to make its first announcement of the economic benefits from its project – amounting to 36 million dollars – to Quebec and Ontario. This amount represents an annual recurring contribution that will be paid to the project’s host communities in the form of planned tax payments and the newly established Community Fund. This is a sign of the company’s strong commitment to the long-term support for the economic and social development of the host communities where the company’s underground natural gas transmission line passes.
With the Community Fund, Gazoduq proposes a unique and tailored-made formula that will allow the company to contribute significantly to the host communities and municipalities located in the preferred planning area (PPA). Unveiled on April 24th, the preferred planning area is located on 82% of public land. The location of the transmission line on public land significantly reduces associated tax expenses in Quebec, unlike the case in other Canadian provinces. However, creating the Community Fund reflects Gazoduq’s willingness to significantly increase the economic and social benefits for the project.
According to the proposal, the company’s investment in the Community Fund will be managed by an independent firm to ensure an equally rigorous management. The amounts would then be shared amongst the riverside municipalities (65%), the RCMs (25%) and community bodies (10%) in each region. Furthermore, a portion of the Community Fund – 2.2 million dollars to be exact – will be allocated to the universities located on the host communities’ territories. That corresponds to the amount of school taxes that would have been paid had the preferred planning area on public land been taxable.
It is worthy to note that the Community Fund is designed to meet the host communities’ realities and needs. Gazoduq looks forward to presenting Community Fund details to the stakeholders involved.
Gazoduq is planning to build an underground natural gas transmission line transporting natural gas from Western Canada to the Énergie Saguenay liquefaction plant project. The natural gas transported by our transmission line will be exported to Asia and Europe to replace more polluting forms of energy, like coal and fuel oil. The project will entail a 4.5-billion-dollar investment, bringing considerable economic benefits to Quebec and Ontario, not to mention reducing GHG emissions on a global scale.
“With the implementation of this Community Fund, Gazoduq is taking an additional positive step to show our commitment to the communities engaged in our project. From the very outset, we have taken the time to do things right, striving to minimize the project’s environmental and social impacts and to increase benefits for host communities. We are unwavering in its commitment.”
- Louis Bergeron, President, Gazoduq
Gazoduq Inc. is a Quebec company led by a highly skilled team with extensive experience and expertise in large-scale North American natural gas transmission line projects. It is supported by major investors with international expertise in developing large-scale natural gas projects. Gazoduq intends to build an underground natural gas transmission line, nearly 782 km long, between northeastern Ontario and Saguenay, Quebec, in collaboration with local communities and through the development of business partnership with local companies. www.gazoduq.com