Monday, November 11, 2019

Woodfibre LNG construction to start in 2019

VANCOUVER, B.C. – Reuters is reporting Woodfibre LNG will start constructing in early 2019.

Woodfibre LNG President David Keane told the publication they are hoping to move to a notice to proceed to construction in the first quarter of 2019.  Keane said, “It will be sometime in February or March.”

Woodfibre LNG announced earlier this month it had signed an agreement with CNOOC Gas and Power Trading and Marketing for 13 years of LNG from the yet to be built facility.

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The company has sold 100 percent of the output from phase one of the project.

Woodfibre LNG is the owner of the Woodfibre LNG Project, which is a planned LNG processing and export facility at the former Woodfibre pulp mill site, about seven kilometres southwest of Squamish, British Columbia.  The Woodfibre LNG Project has a storage capacity of 250,000 m3 and is licensed to export approximately 2.1 million tonnes of LNG per year for 40 years.

Woodfibre LNG is expected to cost $1.6 billion and could be up and running by 2025.

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SourceReuters