Top Speed puts Canadian small-scale LNG projects up for sale

A unit of China’s Top Speed Energy has put up for sale its two small-scale LNG projects in Canada’s British Columbia.

Top Speed Energy Canada has engaged Calgary-based Sayer Energy Advisors to assist with the sale, the latter said in a statement on Monday.

The assets include the Skeena LNG plant under development in Terrace, BC with a capacity of 150,000 tonnes per year and the Totem LNG terminal under development in Prince Rupert, BC with a capacity of 75,000 tonnes per year.

According to the statement, these plants should go into service in the fourth quarter of 2023 and the fourth quarter of 2024, respectively.

Top Speed has secured 30 MMcf/d of capacity on the Pacific Northern Gas (PNG) pipeline through PNG’s RECAP open season in 2019.

“Sites for Skeena and Totem have also been secured and commercial arrangements have been well advanced with First Nations in the areas,” Sayer Energy said.

In addition, Top Speed will also sell its fleet of ISO containers. The firm owns and operates a fleet of 76 ISO containers in western Canada for the storage and transport of LNG to domestic markets but also various market regions in southeast Asia.

In early 2021, the founder of Top Speed passed away unexpectedly, Sayer Energy said.

“While the business case for Top Speed remains strong, the majority shareholder felt it best to divest Top Speed of all works, permits and commercial arrangements developed for the Skeena LNG and Totem LNG projects,” it said.

Sayer Energy said it would accept offers until Thursday, October 7.

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