November 15, 2021
SAINT JOHN, NB – Repsol has completed the acquisition of 100% ownership of the Canaport LNG terminal, which it has operated since the facility opened in 2009. The terminal will be renamed Saint John LNG to mark the transition to new ownership, which aims to continue serving Repsol´s customers in Atlantic Canada and the US Northeast while looking at future developments aligned with its strategy to achieve zero net emissions by 2050.
As sole owner of Saint John LNG, Repsol gains flexibility and control of the operations to optimize the efficiency and value of the facility. It also positions Repsol to explore new opportunities to helpmeet market demand and to support the energy transition.
“Repsol has been operating the LNG terminal since it opened more than a decade ago, and we’re extremely proud of our legacy as a responsible operator and a good neighbor,” said Saint John LNG Manager Courtney Jones. “We’re honored to be part of the community here in Saint John ,and we look forward to continuing to play an important role in the region.”
Saint John LNG is a key supplier of safe and reliable natural gas for power generation in the US Northeast and a strong contributor to local economic development in the Maritimes. The facility directly provides more than 100 jobs for employees and contractors in Saint John and has invested more than $5 million in the community since 2009. Additionally, the existing infrastructure and experienced workforce offers a competitive advantage for potential future projects such as compressed natural gas, biogas and LNG bunkering.
Following the transaction, operations at the terminal are continuing as normal.
Over the past number of months, Repsol and Irving Oil have been working together to finalize this transaction. Repsol extends its best wishes to Irving Oil for success in the future. Confidentiality provisions prevent Repsol from commenting on the details of the transaction.
Repsol is a global multi-energy company that is leading the energy transition with its ambition of achieving zero net emissions by 2050. Present throughout the energy value chain, the company employs 24,000 people worldwide and distributes its products in nearly 100 countries to around24 million customers.
To achieve zero net emissions by 2050, Repsol is deploying an integrated model of decarbonization technologies based on enhanced efficiency, increased renewable power generation capacity, production of low-carbon fuels, development of new customer solutions, the circular economy, and by driving breakthrough projects to reduce the industry's carbon footprint.
In addition to its Saint John LNG terminal, Repsol is a key player in the natural gas market in Canada through its natural gas trading and marketing activities.
The company is well positioned to serve customers at major natural gas hubs throughout Canada from AECO across Eastern Canada and into Maritimes Canada. It offers a full range of natural gas trading and origination services, including baseload gas purchases, baseload gas sales, structured and daily natural gas transactions, seasonal and peaking gas supply services, daily natural gas trading and asset management.
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