Altagas, Royal Vopak make final investment decision on propane export project

Published 1:30 am Thursday, November 6, 2025

Prince Rupert’s joint-venture infrastructure project at its port has reached a significant milestone.

On Oct. 30, AltaGas and Royal Vopak announced their third-quarter financial results and reached a positive Final Investment Decision (FID) on the Ridley Island Energy Export Facility (REEF) Optimization One project.

The FID officially recognizes the project as economically viable.

Optimization One will increase REEF’s Phase One throughput capacity by 25,000 barrels per day of liquified petroleum gas (propane) and other bulk liquids, with a gross capital cost of approximately $110 million.

The project is scheduled to be in service by mid-2027, and will help advance the open-access terminal’s ability to deliver cleaner energy products to markets in Asia.

“This is an exciting and timely announcement on the heels of Prime Minister Carney’s pledge to double Canada’s non-U.S. export over the next decade,” AltaGas communications specialist Taylor Tebbutt said.

AltaGas and Vopak are also working on the REEF Optimization Two project, through engineering, permitting and stakeholder engagement.

The second phase could accommodate up to an additional 60,000 barrels per day, increasing Canada’s position as a reliable global energy supplier, according to Tebbutt.