Prince Rupert’s joint-venture infrastructure project at its port has reached a significant milestone.<\/p>\n
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.<\/p>\n
The FID officially recognizes the project as economically viable.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
AltaGas and Vopak are also working on the REEF Optimization Two project, through engineering, permitting and stakeholder engagement.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Phase 1 will increase the joint venture’s throughput by 25,000 barrels of propane a day <\/p>\n","protected":false},"author":18,"featured_media":159460,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7,5],"tags":[],"class_list":["post-159459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-top-news"],"acf":[],"yoast_head":"\n