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Vopak and AtlasGas are finalizing a joint venture for the development of the Ridley Island Export Facility in Canada.
Royal Vopak and AltaGas have announced definitive agreements for a 50/50 joint venture to further evaluate the development of the Ridley Island Energy Export Facility (REEF), a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal with marine infrastructure on Ridley Island, British Columbia, Canada.
REEF, part of previously submitted regulatory filings under the name of Vopak Pacific Canada, aims to facilitate the export of LPGs, methanol, and other essential bulk liquids. The project has already obtained Federal and Provincial permits for the construction of storage tanks, a dedicated jetty, rail, and other necessary infrastructure. The joint venture will develop REEF on a 190-acre (77 hectare) site within the Prince Rupert Port Authority's jurisdiction, adjacent to AltaGas and Vopak's existing Ridley Island Propane Export Terminal (RIPET), operational since April 2019.
If REEF reaches a positive final investment decision (FID), it will be developed and launched in phases, providing a capital-efficient approach, aligning energy export supply with throughput capacity, minimizing local community impact, and offering extended local construction and employment opportunities. AltaGas has executed a long-term commercial agreement with the joint venture for 100% of the first phase's LPG volume capacity, contingent upon a positive FID. AltaGas will also oversee facility construction and operations.
Vopak, AltaGas, and the Prince Rupert Port Authority have collaborated closely with First Nations rights holders, local communities in Northwestern British Columbia, and Federal and Provincial regulators to ensure the project operates with environmental stewardship and benefits all parties involved. The project has received key determinations and permits from the Federal Government and an Environmental Assessment Certificate from the British Columbia Provincial Government.
REEF is currently undergoing front-end engineering design (FEED) activities, with deliverables including a refined capital cost estimate, project execution plan, construction schedule, and projected in-service date. FEED and other development activities are anticipated to be completed by late 2023, followed by a joint venture FID.