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AltaGas progressing LNG export project

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LNG Industry,

AltaGas Ltd has reported a US$37 million increase in normalised EBITDA in 2014 to US$546 million, compared to 2013.

Normalised funds from operations increased 17% to US$472 million for 2014, compared to US402 million in 2013, while normalised net income fell to US$165 million, compared to US$176 million in the previous year.

David Cornhill, Chairman and CEO of AltaGas, said: "AltaGas significantly grew its competitive position as a leading North American energy infrastructure company in 2014 […] We built a competitive service offering across the midstream value chain, from wellhead to export markets, delivering LPG to the global marketplace for the first time through exports to Asia. We also developed a strategic alliance with a significant producer in the Montney to provide access to Asian markets for WCSB natural gas. Finally, we completed our Forrest Kerr and Volcano Creek projects, significantly increasing our long-life, low-risk energy infrastructure which provides stable cash flow."

For the year, AltaGas achieved record cash flow, driven by strong performance in the gas and utilities segments, distributions from Petrogas, and contribution from Forrest Kerr.

In 2015, the company expects to benefit from a full year of Forrest Kerr and Volcano Creek, a partial year of McLymont Creek, the investment in Petrogas, and other growth projects coming into service.

Net income applicable to common shares for 2014 was US$96 million compared to US$182 million for 2013.

LNG export business

AltaGas announced that it is continuing to progress its LNG export initiatives. On 28 January 2015, AltaGas Idemitsu Joint Venture Limited Partnership (AIJVLP), EDF Trading Limited and EXMAR NV announced that it has full ownership and control of the Douglas Channel LNG project as a result of the Plan of Arrangement completed under the companies' Creditors Arrangement Act proceeding. All useful assets of the former Douglas Channel LNG project were transferred to the consortium and all creditor claims have been settled. The consortium has executed long-term lease agreements with the Haisla Nation regarding land and tenure and with Pacific Northern Gas Ltd for long-term pipeline capacity to supply gas to the project. The LNG project will have a nameplate capacity of 0.55 million tpy. The consortium is targeting a final investment decision in the fourth quarter 2015 and commercial operations in 2018.

Adapted from press release by

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