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Vopak and AltaGas form joint venture

Published by , Senior Editor
Tanks and Terminals,


Royal Vopak and AltaGas Ltd have announced the execution of definitive agreements for a new 50/50 joint venture to further evaluate development of the Ridley Island Energy Export Facility (REEF), a large-scale LPG and bulk liquids terminal with marine infrastructure on Ridley Island, British Columbia, Canada.

REEF, as part of the previously submitted regulatory filings (under the name of Vopak Pacific Canada), will have the capability to facilitate the export of LPGs, methanol, and other bulk liquids that are vital for everyday life. REEF has been granted the key Federal and Provincial permits to construct storage tanks, a new dedicated jetty, and rail and other ancillary infrastructure required to operate a state-of-the-art and highly efficient facility.

REEF would be developed on a 190 acre (77 ha) site on lands ad-ministered by the Prince Rupert Port Authority for which the joint venture has executed a long-term lease that sits adjacent to Alt-aGas and Vopak’s existing Ridley Island Propane Export Terminal (RIPET), which has been in operation since April 2019.

Should REEF reach a positive final investment decision (FID), it is planned to be developed and brought online in phases. This approach will provide the most capital efficient build out of the project, match energy export supply with throughput capacity, mitigate the challenges that large development projects can have on local communities, and provide local construction and employment opportunities that would extend over longer time horizons.

AltaGas has executed a long-term commercial agreement with the joint venture for 100% of the capacity for the first phase of LPG volumes, subject to a positive FID. AltaGas will also be responsible for the construction and operational stewardship of the facility. Future phases of the project will be developed as additional long-term commercial agreements and critical milestones are achieved to de-liver the maximum value for all stakeholders.

Vopak, AltaGas, and the Prince Rupert Port Authority have been working closely with First Nations rights holders and key stakeholders, including the local communities in Northwestern British Columbia and the Federal and Provincial regulators, to deliver a project that will operate with industry-leading environmental stewardship and bring the strongest benefits to all parties involved. Key determinations and permits have been received from the Federal Government and an Environmental Assessment Certificate has been received from the British Columbia Provincial Government.

Read the article online at: https://www.tanksterminals.com/terminals/28042023/vopak-and-altagas-form-joint-venture/

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