Premier Furey Unveils $15 Million Boost for Port of Argentia: A Bold Step Towards a Sustainable Future

In a groundbreaking announcement, the Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador, revealed a visionary investment exceeding $15 million to propel the Port of Argentia’s Multi-Tenant Docking Infrastructure Project into uncharted waters. This strategic move is poised to unleash a wave of opportunities in the offshore and renewable energy sectors, marking a significant leap toward sustained economic vitality.

Embarking on a multi-year venture, the Port of Argentia will transform the landscape of Cooper Cove in Argentia Harbor, birthing a state-of-the-art, multi-purpose, ice-free marine support and service base.

This ambitious development unfolds in two dynamic components. The first, a marine base, promises to be a nexus of innovation, while the second, a roll-on-roll-off ramp, is tailored to cater to the energy industry’s burgeoning needs and other forward-thinking industrial clients.

The Provincial Government’s resounding support isn’t just a monetary infusion; it’s a strategic alliance that amplifies private and Federal Government investments in infrastructure. This injection of $15,180,000 will serve as a catalyst, leveraging an additional $72 million from a synergistic blend of the applicant, industry stakeholders, and the Government of Canada’s National Trade Corridor Program.

Underpinning this strategic initiative is the Innovation and Business Development Fund, established in September 2018 with the aim of elevating Newfoundland and Labrador’s oil and gas supply and service capabilities. In a nod to the surging renewable energy sector, the program guidelines have been agilely updated to encompass the realm of renewables. For those seeking a deep dive into the Innovation and Business Development Fund program, the department’s website offers comprehensive details. This $60 million, multi-year program emanated from the White Rose Extension benefits agreement, signifying a commitment to progress and evolution.

In the words of Premier Andrew Furey, “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.”

Minister of Industry, Energy and Technology, Honourable Andrew Parsons, echoes this sentiment, noting, “This project will provide direct economic benefits to communities adjacent to the port.”

Scott Penney, CEO of the Port of Argentia, underscores the global impact of this investment, stating, “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 maximize its full potential through existing and emerging sectors.”

Genny Picco, Board Chair of the Port of Argentia, applauds the pivotal role played by the Innovation and Business Development Fund, emphasizing, “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.”

Charlene Johnson, CEO of Energy NL, reflects on the Port’s stellar growth and the provincial government’s unwavering support, stating, “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.”

As Sherry Gambin-Walsh, MHA for Placentia-St. Mary, proudly affirms, “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.”

Premier Furey’s announcement marks a transformative milestone in the journey towards a sustainable and vibrant future for Newfoundland and Labrador. The Port of Argentia, with its ambitious expansion plans, is poised to become a global player, attracting investment, creating jobs, and serving as a beacon of progress in the ever-evolving landscape of energy and industry. As the province charts this course, the eyes of the world are on Argentia, where innovation and opportunity converge, setting the stage for a new era of economic prosperity.

Sources:
Department of Innovation, Business and Rural Development – Newfoundland and Labrador
Port of Argentia
Energy NL