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TransCanada awarded $5 billion Progress project

PRINCE GEORGE, British Columbia (AP) -- Progress Energy has awarded a $5 billion natural gas infrastructure project across northern British Columbia to TransCanada Corp., one of North America's largest pipeline companies.

Progress said Wednesday TransCanada will design, build, own and operate the proposed Prince Rupert Gas Transmission project. The Prince Rupert transmission line will carry gas from the North Montney region in northeastern British Columbia to a proposed export facility near Prince Rupert, B.C.

The contract is part of plans for Progress to export liquefied natural gas from the port to markets in energy-hungry Asia.

Progress was recently acquired by Malaysia's state-owned energy company in a deal that was approved by the Canadian government in December. The terminal will be 60 percent larger than it would have been if the Petronas takeover of Progress had been blocked.