Sunday, October 2 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    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

      2006.

      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.

    TOP

    Other Articles - Generation


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.