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A Quebec-based company has announced plans to construct an underground natural gas pipeline that will run 750 kilometres from northeastern Ontario to Saguenay.

The proposed pipeline project, announced by Gazoduq, will be part of a chain delivering natural gas from Alberta to Énergie Saguenay, a company that holds a license, from the Office national de l’energie, giving it the go ahead to build a facility that will liquify the gas before exporting it to potential markets in Europe and Asia.

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The cost of the pipeline is estimated at $4.5 billion. Combined with the cost to build the plant that will liquify the natural gas (estimated at $9.5 billion) both projects could represent a more than $14-billion investment in the Saguenay region.

The project, announced by Gazoduq through a release issued this week, is currently in the planning stages with construction scheduled to begin in 2022. Gazoduq plans to have the pipeline in service by 2024 “to coincide with the expected increased world demand for liquified natural gas.”