Canada's AltaGas Sets Aim for Propane Exports to Asia

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Researched by Industrial Info Resources (Sugar Land, Texas)--Canada's AltaGas Limited (TSX:ALA) (Calgary, Alberta) received approval this week from the National Energy Board (NEB) to export up to 1.3 million tons per year of propane, company officials said Thursday. The gas and power company reported C$46 million ($35 million) in net income, up from $C20 million ($15 million) in third-quarter 2015. Industrial Info is tracking 21 active AltaGas projects worth $1.54 billion.

Located near Prince Rupert, British Columbia, the proposed Ridley Island Propane Export Terminal is aimed at supplying Asia markets. It would receive liquid propane from British Columbia and Alberta, with an estimated throughput capacity of 1.2 million tons per year. The $500 million project is presently expected to kick off late this year, with completion in second-quarter 2018. AltaGas plans to invest in new propane extraction capacity in northeast British Columbia to help feed the terminal.

Speaking during the company's quarterly earnings conference call, Chief Executive Officer David Harris outlined the progress of several projects. He noted the late third-quarter start of commercial operations for the company's Townsend Facility, which will process 198 million cubic feet per day of natural gas. Located north of Fort St. John in British Columbia, the C$430 million ($325 million) project was completed ahead of schedule and C$40 million ($30 million) under budget.

AltaGas is developing an expansion of the Townsend facility, a total investment value of C$85 million ($85 million) to C$95 million ($72 million). Townsend Phase 2 would be located next to the existing Townsend facility.

AltaGas expects capital expenditures in the range of C$550 ($416 million) to C$600 million ($454 million) for 2016.

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