Spanish energy giant Repsol has halted plans to add liquefied natural gas export facilities at its existing Canaport LNG import terminal in Saint John, Canada.
“ The Saint John LNG liquefaction project has been placed on hold ,” Brent Anderson, a spokesman for Repsol Canada told LNG World News in an emailed statement.
Repsol joins a growing number of companies that are delaying or cancelling their LNG developments due to market volatility and low oil and gas prices.
“ Current market conditions and project challenges make it unattractive for third-parties and off-takers to join the project,” Anderson said.
Saint John LNG Development, a unit of Repsol, received in September last year a licence from Canada’s NEB to export up to 8.86 bcm of gas per year for a period of 25 years from the proposed 5 mtpa LNG facility.
According to NEB’s filing, Repsol planned to export the chilled fuel to Europe.