Canadian infrastructure company AltaGas and Dutch tank storage company Vopak have made final investment decision (FID) on the Ridley Island Energy Export Facility (REEF) In Canada.

Planned to be developed on Ridley Island, British Columbia, the facility is projected to cost C$1.35bn ($1bn) and is expected to be operational by the end of 2026.

The facility will be developed on a 190-acre site on lands managed by the Prince Rupert Port Authority. It will be close to the current Ridley Island propane export terminal operated by AltaGas and Vopak.

Planned to be developed in phases, the project will comprise storage tanks, a new jetty, and rail facilities. It enables the export of LPGs, methanol, and other essential bulk liquids, with the first phase featuring an initial LPG export capacity of 55,000 barrels per day.

The REEF infrastructure will also include ten dual-sided rail offloading slots and 25km of multi-track infrastructure capable of accommodating unit trains.

AltaGas and Vopak hold exclusive rights from the Prince Rupert Port Authority to develop LPG, methanol, and other bulk liquid exports on Ridley Island.

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AltaGas president and CEO Vern Yu said: “This positive FID enables AltaGas to continue connecting Canadian energy to Asian markets and drive valuable outcomes for all our customers.

“Canada has a structural advantage in delivering LPGs to Asia with the shortest shipping time and lowest maritime emissions footprint. AltaGas delivers more than 19% of Japan’s propane and 13% of South Korea’s LPG imports, connecting our upstream customers with customers in Asia.”

With all major preparatory work completed and necessary permits secured, REEF is expected to strengthen the energy trade between Canada and Asia Pacific regions.