Spanish energy firm Repsol is now the sole owner of the Canaport LNG import facility in Canada following the sale of Irving Oil’s stake in the plant.
Canada’s Irving Oil said in a statement on Tuesday it sold its 25 percent ownership interest in Canaport LNG to Repsol. The Spanish firm now owns 100 percent in Canaport LNG.
“Over the past number of months, the parties have been working together to finalize this transaction and today announce its conclusion,” Irving Oil said.
“Confidentiality provisions prohibit Irving Oil from commenting further at this time,” it said.
Canaport LNG operates Canada’s first receiving and regasification terminal 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 metres 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 Canaport LNG’s website.
Canaport LNG is severely under-utilized due to the shale gas revolution in North America.
It operates as a peak shaving facility, allowing the terminal to provide “a flexible supply of natural gas to meet demand at any given time,” Canaport LNG says.
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.