Irving Oil sells interest in Canadian LNG import terminal
Canada’s Irving Oil said August 9 it had sold its remaining 25% interest in the Canaport LNG terminal in Saint John, New Brunswick to Spain’s Repsol, the facility’s majority owner.
Canaport LNG is Canada’s only LNG import and regasification terminal. It has been operating since 2009 and has a maximum send out capacity of 1.2bn ft3/day of natural gas, but with nearly 10bn ft3 of natural gas storage capacity in three tanks, now operates mostly as a peak shaving facility.
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According to Canada Energy Regulator (CER) statistics, imports at the facility – mostly under a multi-year supply contract with Qatargas signed in 2010 – peaked in 2011 at 3.35bn m3 and have declined steadily since then. In 2018, the last year reported in the CER data, the terminal took in only 81.5mn m3.