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Altagas inks deal with Asian LPG firm for proposed Canadian export terminal
HOUSTON, July 21, 2016 (PCW) –- Altagas on Thursday said it had signed a memorandum of understanding for 50% of its export capacity of the proposed Ridley Island terminal in British Columbia with Asian LPG trader Astomos Energy.
Astomos is the merged LPG divisions of Idemitsu Kosan and Mitsubishi Corporation. Altagas’ proposed facility is expected to have an export capacity of 1.2 million mt/yr. Propane will be transported to the site via the existing CN rail network.
Altagas said Thursday it would make a final investment decision on the project in 4Q. Start-up is expected in 2018, subject to consultation with First Nations and regulatory approvals. The facility is estimated at a cost of $400-$500 million.
The Calgary-based company also reported 2Q net income of $29 million, up from $9 million in the year-ago period. The increase was due to revenue from its acquisitions of power generation facilities in California and its new McLymont hydro plant in British Columbia. -- Samantha Hartke