Enbridge to Invest $1.5 Billion in Pacific Energy’s Woodfibre LNG Project

Under the partnership, Enbridge will invest in a 30% ownership stake in the $5.1 billion project, with Pacific Energy retaining the remaining stake in the Woodfibre LNG export facility.

Nia Williams and Arunima Kumar, Reuters

Canada’s Enbridge Inc. said on July 29 it will invest $1.5 billion in the joint construction and operation of the Woodfibre LNG project with Pacific Energy Corp Ltd.

The move is Calgary, Alberta-based Enbridge’s first investment in a liquefaction facility. It comes amid a boom in North American LNG exports and high demand for the fuel as Europe seeks to replace lost Russian gas supplies following Russia’s invasion of Ukraine.

Woodfibre LNG, a subsidiary of Pacific Energy Ltd, gave notice to proceed with construction to its prime contractor in April. The 2.1 million tonne per year export facility in Squamish, British Columbia, will have 250,000 cubic meters of floating storage capacity and is expected to be completed in 2027.

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