As the Alberta company outlined its financial picture form a troubled year in Alberta's oil and gas sector, highlighting some of it's plans and advising investors as to some areas where change is being made or has already taken place.
On the good news front, the company once again highlighted its plans to ship propane out of the proposed terminal site on Ridley Island.
On propane exports, AltaGas signed a sublease and related agreements with Ridley Terminals Inc. (Ridley Terminals) to develop, build, own and operate the Ridley Island Propane Export Terminal located near Prince Rupert, British Columbia on a portion of lands leased by Ridley Terminals from the Prince Rupert Port Authority.
The facility will be designed to ship up to 1.2 million tonnes of propane per annum and will be built on a brownfield site with a history of industrial development, connections to existing rail lines, and an existing marine jetty with deep water access.
AltaGas is working towards reaching a final investment decision in 2016 with commercial propane exports targeted for 2018, subject to First Nations consultations and necessary approvals. On February 11, 2016, AltaGas filed an application with the National Energy Board for a 25-year propane export license.
However, for those on the North Coast hoping to see some progress with the launch of the LNG industry in the region, AltaGas had some disappointing news.
Noting that their proposed development for Kitimat was now putting a halt to the plans for the Douglas Channel LNG project owing to economic conditions.
The DC LNG Consortium, comprised of AltaGas Idemitsu Joint Venture Limited Partnership (AIJVLP), EDF Trading Limited (EDFT) and EXMAR NV (EXMAR), announced today its decision to halt development of the DC LNG project due to adverse economic conditions and worsening global energy price levels.
|AltaGas announced on Thursday that development on
the Douglas ChannelLNG project was being halted
You can review what might have been from our archive page here.
For a look at the proposed Propane Terminal for Ridley Island see our archive page for more background on that project.
The full media release from AtlaGas can be examined here.