Pacific Energy Corp and Enbridge are to jointly invest in the construction and operation of the Woodfibre LNG project.
Woodfibre LNG is a 2.1 mill tonnes per year LNG export facility including 250,000 cu m of floating storage capacity under construction near Squamish, British Columbia.
The project is underpinned by two long-term offtake agreements with BP Gas Marketing Limited for 15 years, representing 70% of the capacity, with additional commitments in development for up to 90%.
Last April, Woodfibre LNG announced that it had issued Notice to Proceed to McDermott International and that the project is expected to be operational in 2027.
BMO Capital Markets is acting as exclusive financial advisor to Pacific Energy Corp on this transaction.
