The $2-billion Canaport LNG export terminal project in Saint John has been placed on hold indefinitely, due primarily to low commodity prices.
That’s according to Brent Anderson, a spokesman for Spanish energy company Repsol which owns the majority of Canaport LNG. He tells us the decision to put it on hold will allow the company and its partners to focus on evaluating other options before deciding whether to move forward.
Anderson says current market conditions make it unattractive for third parties and offtakers to join an LNG export project.
“I would say stay tuned, this is a step in the process but it’s a very long and winding process that may ultimately lead to liquifaction as one option, but it may be something else,” says Anderson.
In September of last year it was announced that Repsol received approval from the National Energy Board for Canaport LNG to export liquified natural gas.
Premier Brian Gallant went down to Texas in 2014 to show support for LNG export facility to Repsol’s top executives.
