Calgary-based AltaGas Ltd. and Netherlands-based joint venture partner Royal Vopak have approved a final investment decision for a large-scale liquefied petroleum gas and bulk liquids terminal project near Prince Rupert, B.C.
The decision to go ahead with the Ridley Island Energy Export Facility, or REEF, comes after a five-year environmental preparation and review process.
The companies say site clearing work is more than 95 per cent complete and the project is expected to come online near the end of 2026.
The capital cost of the project is estimated at $1.35 billion.
The first phase will include about 55,000 barrels per day of initial liquefied petroleum gas export capacity, including propane and butane, 600,000 barrels of LPG storage, a new jetty and extensive rail and logistics infrastructure.
The facility will be built on a 0.77-square-kilometre site next to AltaGas and Vopak’s existing Ridley Island propane export terminal.
In a statement, the Prince Rupert Port Authority called the final investment decision a “milestone for the Port of Prince Rupert as it marks the largest investment in the Port’s history,” noting it will allow for the export of liquefied petroleum gas, methanol and other bulk liquids.
Prince Rupert is already the third-busiest port in Canada, following Vancouver and Montreal.