The pace of construction on Ridley Island is heading into the home stretch for AltaGas and their Liquid Propane Terminal on the North Coast, with the Alberta based energy company making note of their newest piece of infrastructure as part of a report to investors last month.
As part of the AltaGas fourth quarter and full year results review, the RIPET facility gained a pair of mentions in their corporate highlights notes, listed among the 1 billion dollars in growth capital projects that are anticipated to come into service this year, as well as an indication that the terminal will commence with its operations in the Spring.
Randy Crawford, the President and Chief Executive Officer for AltaGas further expanded on the impact that the debut of the Ridley Island facility will have on the company.
"We will look back on 2018 as a transformational year, which saw AltaGas reposition itself through the WGL acquisition as a low-risk, high-growth Utility and Midstream company. In order to leverage the full growth potential of these assets, we must continue to strengthen our balance sheet and ultimately, reset our financial position.
With our RIPET project coming online, as scheduled in early spring, as the first propane export terminal in Western Canada, we are poised to execute on our strategy to leverage this unique capability to attract new producer commitments that will increase utilization of our existing assets and provide new organic investment opportunities."
More background to the financial update can be reviewed here.
Planning for the massive terminal project adjacent to the Ridley Coal Terminal began with a consultation process in early 2016, with the actual construction of the near 500 million dollar facility getting underway in early 2017.
While the official date of commissioning has yet to be revealed, once the terminal complex is in operation it is expected to provide employment for up to 50 permanent employees and offer spin off benefits to local suppliers across the region.
You can follow the path from consultation to today through our AltaGas archive page here.
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