Enbridge to Acquire LNG Storage
Enbridge has announced that, through a wholly owned subsidiary, it has entered into a definitive agreement with FortisBC Holdings to acquire its interest in FortisBC Midstream, which holds a 93.8% interest in Aitken Creek Gas Storage facility and a 100% interest in Aitken Creek North Gas Storage facility (collectively, Aitken Creek Storage) for $400 million (€362 million).
Aitken Creek Storage is an underground reservoir located 120 km northeast of Fort St. John, British Columbia, Canada, and is the largest and only underground natural gas storage facility in British Columbia, totalling 2.2 bcm of working gas capacity.
‘Enbridge is pleased to acquire Aitken Creek Storage, a well-located and connected facility that will enable us to continue to meet regional energy needs as well as support increasing demand for west coast LNG exports,’ says Cynthia Hansen, Enbridge executive vice president and president, gas transmission and midstream. ‘Natural gas plays an increasingly important role in the energy transition, and this investment further aligns with Enbridge’s focus on providing the affordable, sustainable and reliable energy that is needed now and into the future.’
The transaction is expected to close later in 2023, subject to receipt of customary regulatory approvals and closing conditions.
By Tank Storage Mag, June 2, 2023