AltaGas and Vopak make final investment decision on REEF project

Chamber of Shipping > Blog > News > AltaGas and Vopak make final investment decision on REEF project

AltaGas and Vopak have jointly decided to move forward with the Ridley Island Energy Export Facility (REEF), a significant liquefied petroleum gas (LPG) and bulk liquids terminal in British Columbia, Canada. This follows a thorough five-year environmental review and extensive stakeholder engagement. The project, with a projected gross capital cost of $1.35 billion, is expected to be operational by the end of 2026. It aims to strengthen Canada’s role as an energy exporter, particularly to Asia, and will benefit from its strategic location in Prince Rupert, offering short shipping distances to Asian markets. The facility will create economic opportunities for local communities and operate with a strong focus on environmental stewardship. Both AltaGas and Vopak plan to fund their respective 50 percent ownership without leveraging at the Partnership level. Construction activities are scheduled to commence in 2025, with a disciplined approach to capital allocation to ensure financial strength and flexibility.

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