Fortis to acquire gas storage facility in BC

Fortis of Canada informed on Thursday it has agreed to acquire Chevron’s share in the Aitken Creek gas storage facility for approximately US$266 million.

The 77 bcf gas storage facility, which is the only underground gas storage facility in British Columbia offering services to third parties, will be able to provide balancing services to suppliers and to LNG exporters, following the completion of proposed liquefied natural gas exports projects, Fortis said in a statement.

Fortis unit, FortisBC is currently expanding its Tilbury LNG facility in Delta which aims to meet the growing domestic demand for liquefied natural gas in the transportation industry and as an energy source. The expanded facility is expected to be operational by the end of 2016.

Fortis expects to close the acquisition of Chevron’s share in the Aitken Creek underground gas storage facility in the first half of 2016.

LNG World News Staff