Canadian infrastructure company AltaGas and Dutch tank storage company Royal Vopak have formed a joint venture to develop the Ridley Island Energy Export Facility (REEF).
Located on Ridley Island, British Columbia, REEF is an LPG and bulk liquids terminal with marine infrastructure.
The facility will assist in exporting LPG, methanol, and other bulk liquids.
REEF has secured key federal and provincial permissions to build storage tanks, a new dedicated dock, rail, and other ancillary infrastructure needed to run the facility.
The export facility will be developed on a 190-acre site on lands managed by the Prince Rupert Port Authority. It will be close to the current Ridley Island propane export terminal operated by AltaGas and Vopak.
Royal Vopak chairman of the executive board and CEO Dick Richelle said: “The strategic location of Prince Rupert, with the shortest shipping distances between North America and Asia, has the potential to increase the trade between Canada and the Asia Pacific region. REEF fits very well within Vopak’s strategic pillar to grow in gas and industrial infrastructure. “
The companies plan to develop and start running REEF gradually if it manages to reach a positive final investment decision.
AltaGas president and CEO Randy Crawford said: “Canada has a structural advantage in delivering LPGs into Asia from its world-class resources and through the shortest shipping time and lowest maritime emissions footprint.
“REEF fits our corporate strategy of operating long-life infrastructure assets that connect customers and markets and provide resilient and durable value for our stakeholders.”