What is REEF?
REEF, as described in previously submitted regulatory filings (under the name Vopak Pacific Canada), is being developed with a goal to facilitate the export of LPGs, methanol, and other bulk liquids that are vital for everyday life. REEF has been granted a provincial Environmental Assessment Certificate and issued determinations by federal authorities to construct storage facilities, a new dedicated jetty, rail and other ancillary infrastructure required to operate a state-of-the-art and highly efficient facility 24 hours per day, 365 days per year.
Upon a Final Investment Decision (FID) expected in the first half of 2024, REEF will be developed on a 190-acre (77 hectare) site on lands administered by the Prince Rupert Port Authority for which the joint venture has executed a long-term lease.
What’s Planned?
REEF is planned to be developed and brought online in phases. This approach will provide the most capital efficient build out of the project, match energy export supply with throughput capacity, mitigate the challenges that large development projects can have on local communities, and provide local construction and employment opportunities that would extend over longer time horizons.
AltaGas has executed a long-term commercial agreement with the joint venture for 100 percent of the capacity for the first phase of LPG volumes, subject to a positive FID. AltaGas will also be responsible for the construction and operational stewardship of the facility.
Future phases of the project are expected to be developed as additional long-term commercial agreements and critical milestones are achieved to deliver the maximum value for all stakeholders.
Local Engagement and Regulatory Developments
AltaGas, Vopak and the Prince Rupert Port Authority have been working closely with Indigenous nations and key stakeholders, local communities and federal and provincial regulators, to deliver a project that will operate with a focus on safety, community benefits, and a strong commitment to environmental stewardship. We will work with communities throughout the project lifecycle – from planning to decommissioning.
Key determinations and permits have been received for REEF. For more information on these approvals, see the Resources section.
The REEF Advantage: Location
With only ten shipping days to the fastest growing demand markets in Northeast Asia, REEF will efficiently connect Canada’s vital energy products to the world. This includes having an approximate 60 percent base time savings over the U.S. Gulf Coast, which requires a minimum 25-day shipping time to Northeast Asia, and approximately 45 percent base case time savings over the Arabian Gulf, which requires a minimum 18-day shipping time.
The REEF geographic advantage expands when there is significant congestion in the Panama Canal or when other global shipping pinch points experience disruptions. Further, the Port of Prince Rupert provides REEF with year-round ice-free operations and has the deepest natural harbour in North America, meaning it can accommodate the world’s largest vessels, ensuring safe, reliable and efficient market access.
Joint Venture Advancing Critical Workstreams
© 2024 Ridley Island Energy Export Facility Limited Partnership. All Rights Reserved. | Last update: 2024_02_16