Repsol YPF Receives NEB Approval to Import LNG into Canaport Terminal
Spanish energy group Repsol YPF has received permission from Canada’s National Energy Board to import liquefied natural gas into the under-construction Canaport terminal in the Canadian province of New Brunwick, for further shipment to the US Northeast, according to Reuters.
The National Energy Board (NEB) has given permission to Repsol to import liquefied natural gas (LNG) volumes into the Canaport regasification terminal in Saint John, which Repsol is building in partnership with Canadian oil refiner Irving Oil.
The terminal is expected to be ready by the end of 2008. Irving owns a 25% stake in the terminal, while Repsol owns 75%. Repsol had applied for a 25-year license to import 365 billion cubic feet of LNG per year into the Canaport terminal, with a scope to export around one billion cubic feet of gas to customers in the US, according to Reuters.
The NEB has stated that the import of LNG to the Canaport terminal would positively add to the supply of natural gas to North America, but turned down Repsol’s request to export Canadian natural gas.