Tanzianian project under construction

TransCanada PipeLines Ltd. and Ocelot Energy Inc. are working on their (US)$300 million Songo Songo gas-to-electricity project in Tanzania, with full project agreement and finalized financing expected in the first half of this year. Commercial operation should begin in early 1998. The government of Tanzania, TransCanada and Ocelot have signed an agreement to invest (US)$50 million to own and operate the project for the first 20 years. The World Bank and the European Investment Bank have stated intentions to finance the remainder. Tanzania Petroleum Development Corp. and Tanzania Electric Supply Company Ltd. will also participate.