New export terminal planned for Canada
A new propane export terminal is being planned on the western coast of Canada,
Royal Vopak and AltaGas have entered into a joint venture in the development of the Ridley Island Propane Export Terminal (RIPET).
It will ship 1.2 million tonnes of propane per annum, with approximately 96,000 cubic meters of storage capacity. The facility is expected to be commissioned in Q1 2019.
The RIPET site is near Prince Rupert, British Columbia, on a section of land leased by Ridley Terminals Inc. (RTI) from the Prince Rupert Port Authority.
The site has a locational advantage given very short shipping distances to markets in Asia, notably a 10-day shipping time compared to 25-days from the U.S. Gulf Coast. The brownfield site also benefits from railway access and ample deep water access to the Pacific Ocean which is ice-free year round.
Propane from British Columbia and Alberta will be transported to the facility using 50-60 rail cars a day through the existing CN rail network.
David Harris, president and chief executive of AltaGas, said: “We are excited to form this joint venture with Vopak and have them as a partner in RIPET. Vopak is a very strategic global tank storage company and brings significant experience in terminals worldwide.
“We look forward to working with them on RIPET as well as considering future opportunities to further build out our joint venture.”
Eelco Hoekstra, chairman and chief executive of Royal Vopak, added: “”We are very much looking forward to working together with AltaGas in this new partnership. Storage and handling of gas is an important strategic focus area for Vopak. We are confident that we have found a strong partner in AltaGas that is a well-respected Canadian company with experience in developing energy projects.”