​AltaGas secures majority of supply for new B.C. propane export terminal

AltaGas CEO David Harris. Image: Joey Podlubny/JWN

AltaGas says it has secured propane for close to 75 percent of export capacity at the Ridley Island Propane Export Terminal near Prince Rupert, B.C.

The project, which is expected to be the first propane export facility off the west coast of Canada, was given the corporate go-ahead in January 2017.

Construction is on track for start-up in the first quarter of 2019, the company said on Thursday.

The terminal has a locational advantage, AltaGas says, given very short shipping distances to markets in Asia, notably a 10-day shipping time compared to 25 days from the U.S. Gulf Coast.

Propane from British Columbia and Alberta will be transported to the facility using 50-60 rail cars per day through the existing CN rail network. The terminal is expected to ship 1.2 million tonnes of propane per annum (which is equivalent to approximately 40,000 bbls/d of export capacity).

The terminal is on budget, AltaGas said, estimated to have a capital cost of approximately $450 to $500 million.

The company reported normalized net income of 70 million in the first quarter of 2018, compared to $65 million in the first quarter of last year.

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