Enbridge buys a Share in the Woodfibre LNG in BC
Woodfibre LNG – Enbridge wants to provide people with the energy they require to heat their homes, power their companies, and sustain their daily lives.
Understanding the fundamentals of energy, adjusting to customer and market trends, and continuing to transform our company to fit the evolving energy landscape are all key components of our success.
Additionally, we see LNG as the focal point of the larger global energy transformation narrative.
In light of this duty and course of action, Enbridge is thrilled to announce today that it is purchasing a 30% share in Woodfibre LNG, a cutting-edge natural gas liquefaction facility being built close to Squamish, British Columbia, in partnership with Pacific Energy Corporation Limited.
The Woodfibre facility’s construction will get under way in 2023 and be finished in 2027.
By replacing coal for the generation of electrical power in countries like China and India, LNG can contribute to lowering global greenhouse gas emissions.
Al Monaco, president and chief executive officer of Enbridge, said, “As a leader in the energy transformation, Enbridge is thrilled to participate in the Woodfibre LNG plant through this cooperation.” “Through a long-term transportation agreement on our T-South pipeline system, this facility will offer global LNG markets a safe, secure, and sustainable source of BC natural gas. This investment has solid commercial foundations and is a logical extension of our export pipeline strategy.
Monaco added: “Improving access to natural gas worldwide.”
Leading the energy shift is Enbridge. We will continue to strive toward fulfilling our emission reduction targets, which include attaining net-zero greenhouse gas emissions by 2050, through our investment in Woodfibre.
Once operational, Woodfibre LNG will manage the facility, with Pacific Canbriam delivering natural gas from northeast British Columbia and BP purchasing the LNG produced there for export to foreign markets.