AltaGas and Vopak reach investment decision on export facility

AltaGas and Royal Vopak have announce a positive final investment decision (FID) on the Ridley Island Energy Export Facility (REEF), a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal with rail, logistics and marine infrastructure on Ridley Island, British Columbia, Canada.

Following a five-year environmental preparation and review process, extensive engagement with multiple stakeholders including Indigenous rights holders and local communities, the Joint Venture is set to deliver a world class export facility that will operate with industry-leading environmental stewardship.

This positive FID enables AltaGas to continue connecting Canadian energy to Asian markets and drive valuable outcomes for all our customers,” said Vern Yu, president and CEO of AltaGas.

“Canada has a structural advantage in delivering LPGs to Asia with the shortest shipping time and lowest maritime emissions footprint. AltaGas delivers more than 19 percent of Japan’s propane and 13 percent of South Korea’s LPG imports, connecting our upstream customers with customers in Asia. We look forward to working with our partners to drive more long-term value creation with REEF.”

“We are excited to be able to execute on our growth strategy and invest in export infrastructure on this highly strategic location” said Dick Richelle, chairman of the executive board and CEO of Royal Vopak. “Prince Rupert, with the shortest shipping distances between North America and Asia, gives the opportunity to drive progress by increasing the trade between Canada and the Asia Pacific region. We are proud to contribute to this development and are thankful for the good collaboration with our partner AltaGas and other key stakeholders. The trust and support of local First Nations and communities makes this envisioned terminal a reality.”



Leave a Reply

Your email address will not be published. Required fields are marked *