2023-04-26 14:54:14 ET
AltaGas ( OTCPK:ATGFF ) and Netherlands-based tank storage company Royal Vopak unveiled plans Wednesday to form a 50-50 joint venture to build a liquefied petroleum gas export terminal in British Columbia, which would be the third such terminal for Canada and fourth for the North American West Coast.
The Ridley Island Energy Export Facility would export LPG, methanol and other bulk liquids out of the Port of Prince Rupert, with development coming online in phases, starting with LPG.
The companies said they expect to complete front-end engineering design activities including long-term rail agreements, cost estimates, construction schedule and in-service date for the facility, by late 2023, when they hope to issue a final investment decision.
AltaGas ( OTCPK:ATGFF ) said it has executed a long-term commercial agreement with the JV for 100% of the capacity for the first phase of LPG volumes, subject to a positive FID.
The announcement accompanied AltaGas' ( OTCPK:ATGFF ) Q1 earnings release , which included normalized EPS of $0.98/share compared to $1.02/share in the year-earlier quarter.
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AltaGas, Royal Vopak to build LPG export plant in British Columbia