One of B.C.’s biggest export projects has reached a significant milestone.
On Oct. 30, AltaGas and Royal Vopak announced official recognition of their Prince Rupert liquified petroleum gas (LPG) port project as economically viable.
The Ridley Island Energy Export Facility (REEF) Optimization One project will deliver Canadian liquified petroleum gas products to global markets. It will increase capacity by 25,000 barrels per day of propane and other bulk (LPG) liquids, with a gross capital cost of approximately $110 million.
According to AltaGas, the project is scheduled to be in service by mid-2027, and will help advance the 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.
Hope for the project centres around what the company calls its “West Coast Advantage.” It offers exporters one of the quickest routes to Asian markets: only 10-11 shipping days compared to 25-days from the U.S. Gulf Coast.
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.