Canada’s Canaport LNG terminal gets new name after Repsol deal with Irving Oil

Spanish energy firm Repsol has renamed the Canaport LNG import facility in Canada after it purchased Irving Oil’s stake in the plant.

Earlier this year, Canada’s Irving Oil sold its 25 percent ownership interest in Canaport LNG to Repsol.

Over the past number of months, the two firms have been working together to finalize this transaction.

Repsol said in a statement on Monday it has completed the acquisition of 100 percent ownership of the LNG terminal and revealed a new name for the facility.

“The terminal will be renamed Saint John LNG to mark the transition to new ownership, which aims to continue serving Repsol’s customers in Atlantic Canada and the US Northeast while looking at future developments aligned with its strategy to achieve zero net emissions by 2050,” it said.

As sole owner of Saint John LNG, Repsol “gains flexibility and control of the operations to optimize the efficiency and value of the facility.”

“It also positions Repsol to explore new opportunities to help meet market demand and to support the energy transition,” the firm said.

Canada’s first receiving and regasification terminal is located in Saint John, New Brunswick.

Launched in 2009, the facility has a maximum send-out capacity of 1.2 billion cubic feet or 28 million cubic meters of natural gas per day.

In addition, it also has three storage tanks with each having a capacity of 3.3 billion cubic feet, according to its website.

Repsol had previously planned to convert the facility to export LNG but the plan did not proceed due to a lack of interest from off-takers and investors.

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