Ottawa to invest $200-million in Woodfibre LNG project, source says

Detailed summary

Funds intended to boost capacity at Squamish, B.C., site as owners explore possibility of a second phase

The federal government will invest $200-million in the Woodfibre LNG project under construction near Squamish, B.C., said a person familiar with the matter, an investment that will increase announced capacity by up to 24 per cent.

Owners Enbridge ENB-T and Singapore-based Pacific Energy designed Woodfibre to produce 2.1 million metric tons of liquefied natural gas a year, all of which is contracted to BP BP-N.

The new funding will raise capacity to between 2.5 million and 2.6 million tons via upgrades to cooling systems and the commissioning and mooring of floating storage tanks, the person said on condition of anonymity.

The owners are also exploring a second phase for the project, the person said.

Opening of the article, excerpted from The Globe and Mail (Report on Business). To read the rest, open the article on the publisher's site.