Energy Finance

On September 24, the first liquefied natural gas (LNG) terminal built on the east coast of North America in 30 years became operational. The $935-million Canaport LNG terminal, built in Saint John, New Brunswick, is also the first LNG receiving and regassification terminal in Canada.

The terminal, with a sendout capacity of 1.2 billion cubic feet per day (enough to heat 5 million homes), and storage capacity of 9.9 billion cubic feet of gas equivalent, is owned by Spain’s Repsol YPF (75%) and Canadian refiner Irving Oil Ltd. (25%).

“Natural gas from Canaport LNG ensures that Irving Oil’s and Repsol’s clients have access to competitively priced and readily available gas,” reports the company. “In the northeastern U.S., Repsol has firm supply contracts with a number of sources that will complement the operations at Canaport LNG.”

Regasified LNG from the Canaport LNG facility will flow through the 145-kilonmeter Brunswick Pipeline to connect the terminal to the existing Maritimes & Northeast Pipeline near St. Stephen, New Brunswick, and from there to other pipelines and markets.

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