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    Enbridge Takes 30% Stake In Woodfibre LNG Facility

    August 2, 2022 - Baystreet Commodities


      Energy giant Enbridge (ENB) is taking a 30% stake in the Woodfibre liquefied natural gas (LNG)

      processing and export facility located outside Squamish, British Columbia.

      News of Enbridge's stake in the Woodfibre facility comes as global demand soars for LNG

      following Russia's invasion of Ukraine. U.S. benchmark natural gas prices are currently sitting at

      $9 U.S. per mmBTU, its highest level in years.

      Privately held Pacific Energy holds a 70% stake in the $5.1-billion LNG project, with Calgary-

      based Enbridge now owning the remaining 30%.

      The Woodfibre LNG facility is scheduled to begin construction next year (2023). The new LNG

      plant will be located on the site of the previous Woodfibre pulp and paper mill that closed in


      Woodfibre is scheduled to produce 2.1 million tonnes of LNG per year, with a storage capacity

      of 250,000 cubic metres.

      In 2017, the National Energy Board approved a 40-year export licence for the British Columbia-

      based LNG facility.

      The project has also received environmental approvals from the provincial and federal

      governments, as well as the Squamish First Nation, which gave the project a green light after

      receiving a $1.1-billion benefit agreement.

      Enbridge stock is up 16% this year and currently trading at $57.51 per share.


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