The ability to import natural gas using liquefied natural gas (LNG) represents an exciting new opportunity for the North American natural gas market. Prior to 2009 there were four LNG receiving (regasification) terminals in North America, all of which are located in the United States. Canaport LNG, a partnership between Repsol YPF and Irving Oil, is Canada’s first LNG terminal located in Saint John, New Brunswick. The terminal opened in June 2009, where it received its first load of LNG on June 26.
The state-of-the-art terminal is a key addition to New Brunswick’s and the region’s energy future. The nearly $900 million project is the largest foreign direct investment in the region’s history. The construction of the terminal created 750 construction jobs and presented many opportunities within the local supply chain. With a peak send-out capacity of one billion cubic feet of natural gas per day, Canaport represents a secure, long-term supply of clean-burning natural gas that is able to meet the growing demand of the International Northeast.
Canaport LNG now serves as a pillar of the emerging energy cluster.
For more information on Canaport LNG, please visit http://www.canaportlng.com