June 16, 2024
Investment

Prince Rupert seals largest investment to date


American company AltaGas and Royal Vopak from The Netherlands are teaming up to build a $1.3bn gas export facility near Prince Rupert in British Columbia. 

The two companies said they have reached a final investment decision on the Ridley Island Energy Export Facility (REEF), which will be built on Ridley Island near Prince Rupert.

REEF will be a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal due to open in 2026. 

The two companies already operate the the Ridley Island Propane Export Terminal (RIPET) near to where REEF will be built. 

Terminal infrastructure around Prince Rupert is changing fast. Splash reported 10 days ago that the Canada Infrastructure Bank (CIB) has reached financial close on a C$150m ($109.2m) loan to the Prince Rupert Port Authority (PRPA) for the first phase of a project to build CANXPORT. The new export logistics hub will expand capacity and capabilities for rail-to-container transloading of multiple export products at the port.



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