This is a computer rendition of the proposed Woodfibre LNG facility on the BC coast. Woodfibre LNG
CALGARY — Enbridge Inc. says it has completed a previously announced transaction giving it a 30 per cent ownership stake in the Woodfibre liquefied natural gas (LNG) project.
Enbridge announced in July a partnership with Pacific Energy Corp., part of the Singapore-based RGE Group, to jointly invest in the construction and operation of the Woodfibre LNG project, located near Squamish, B.C.
Under the terms of the deal, Enbridge now owns a 30 per cent stake in the $5.1-billion project, with Pacific Energy retaining the remaining 70 per cent.
Woodfibre LNG is a 2.1-million-tonne-per-year export facility, with long-term offtake agreements in place with BP Gas Marketing Limited for 70 per cent of the capacity.
Woodfibre LNG announced in April that it had issued a Notice to Proceed to its construction contractor McDermott International. The project is expected to be in service in 2027.
Pacific Energy and Enbridge will each make pro-rata contributions during construction through a combination of expected asset-level financing and equity investments. In exchange for its capital contribution, Enbridge will receive a preferred equity interest that provides predictable future cash flows.
This report by The Canadian Press was first published Nov. 29, 2022.
Companies in this story: (TSX:ENB)
The Canadian Press
- 0084 EMP Metals Pipeline Online0084 EMP Metals Pipeline Online
- 0053 Kingston Midstream Westspur Alameda Click0053 Kingston Midstream Westspur Alameda Click
- 0082 CsHM 2024 Pipeline0082 CsHM 2024 Pipeline
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001