Buckeye Partners wraps up Bear Head acquisition

Houston-based Buckeye Partners has completed the previously announced acquisition of Bear Head Energy, which planned to develop the Bear Head LNG project in Nova Scotia, Canada.

However, it seems that Buckeye now only plans to build a large-scale green hydrogen and ammonia production, storage and export project in Point Tupper, Nova Scotia with hydrogen electrolyzer capacity of over two gigawatts.

In the previous statement released in May, the firm said it would offer the company’s customers lower-carbon energy solutions, including LNG or other green fuels.

Buckeye has a network of liquid petroleum terminals and pipelines in the US while IFM Global Infrastructure Fund, controlled by Australia-based IFM Investors, owns the firm.

“Buckeye’s intention with this acquisition is to develop a large-scale green energy production, distribution and export hub,” Buckeye CEO Todd Russo said in the statement released on Wednesday.

“Given the project’s unique features and the geographic advantages of the region, including its status as one of the top locations globally for wind energy generation, we believe that this has the potential to become one the world’s premier green hydrogen production facilities,” Russo said.

As part of the project’s phased development, Buckeye aims to partner with onshore and offshore renewable energy developers to build out a large-scale green hydrogen hub for Atlantic Canada.

Buckeye and Bear Head believe this development would create a “significant number of new clean energy jobs in the province, help support Nova Scotia’s carbon emissions reduction targets, and establish the region as a global leader in the production of green hydrogen for domestic and export markets”.

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