Executive Council

Industry, Energy and Technology
December 19, 2023

The Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador, today announced a more than $15 million investment to support the Port of Argentia’s Multi-Tenant Docking Infrastructure Project. The investment will support the region to capitalize on emerging opportunities in the offshore and renewable energy industries, and contribute to sustained economic activity.

The Port of Argentia will carry out a multi-year project to develop a multi-purpose, ice-free marine support and service base in the area of Cooper Cove in Argentia harbour.

The proposed development is divided into two components. The first component encompasses a marine base while the second component encompasses a roll on roll off ramp to service the energy industry and other innovative industrial clients.

The Provincial Government’s support for the project leverages considerable private and Federal Government investments in infrastructure. This investment of $15,180,000 will leverage the remaining project financing of more than $72 million from a combination of the applicant, industry and the Government of Canada’s National Trade Corridor Program.

The project is supported through the Innovation and Business Development Fund. The fund was established in September 2018 to grow and diversify Newfoundland and Labrador’s oil and gas supply and service capabilities. In response to the growing renewable energy sector, the program guidelines have been updated to highlight that the program includes renewable energy. For more details about the Innovation and Business Development Fund program, visit the department’s website. The $60 million, multi-year program was a result of the benefits agreement related to the White Rose Extension.

Quotes

“Our support for this project facilitates supply chain cooperation between our government, Port of Argentia, local suppliers and operators. This project will lead to an expansion in local supply, export and diversification opportunities, create long term jobs, and attract investment into the province in both the oil and gas and renewables industry.”

Honourable Dr. Andrew Furey
Premier of Newfoundland and Labrador

“This project will provide direct economic benefits to communities adjacent to the port.”

Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology

“This significant investment of $15.18 million from the Government of Newfoundland and Labrador sends a clear signal to investors globally that the Port of Argentia is a critical element within the province’s export/import supply chain. Investment in the Cooper Cove Marine Terminal Expansion Project will ensure our province and the Port of Argentia maximizes on its full potential through existing and emerging sectors.”

Scott Penney, CEO
Port of Argentia

“I congratulate our entire organization on securing this critical funding from the Province of Newfoundland and Labrador. The IBDF funding continues to demonstrate that the Port of Argentia plays a vital role in the global energy transition. This investment in port infrastructure will enable us to support the unprecedented growth that is planned in the next five to 10 years and beyond.”

Genny Picco, Board Chair
Port of Argentia

“The recent growth of the Port of Argentia has been remarkable and I congratulate the entire organization for their foresight and ambition. With the support provided by the provincial government, the Port of Argentia will be able to continue its growth, and for decades to come be a leader in our diversified energy supply chain.”

Charlene Johnson, CEO
Energy NL

“The Port of Argentia is bustling with activity, and it is a significant driver of the economy for the province. With this investment our government continues to support growth and development to further expand the Port’s role in our offshore and renewable energy industry. As the MHA I am proud of the Port’s accomplishments.”

Sherry Gambin-Walsh
MHA for Placentia-St. Mary’s

-30-

Media contacts

Meghan McCabe
Office of the Premier
709-729-3962
[email protected]

Lesley Clarke
Industry, Energy and Technology
709-729-5777, 709-699-2910
[email protected]

Scott Penney
Port of Argentia
709-227-5502, ext. 204
[email protected]