Photo courtesy Kanata Clean Power and Climate Technologies Corp
A new partnership has formed around a proposed project that would let Canada send more natural gas to Asia, where energy demand keeps growing. It would create jobs, generate revenue for governments to fund the programs Canadians rely on, and strengthen Canada’s standing as a reliable global energy supplier.
The project is a proposed floating LNG facility at Prince Rupert, B.C., announced through a memorandum of understanding between Canadian developer Kanata Clean Power and South Korean shipbuilder Hanwha Ocean. A floating LNG facility is a large, purpose-built vessel anchored at sea that takes natural gas from shore, cools it into liquid form for shipping, and loads it directly onto export tankers. Because the plant is built in a shipyard and floated into place, it avoids much of the cost, time, and land footprint of a traditional onshore LNG terminal.
Two pieces stand out with this project: Prince Rupert is North America’s closest Pacific port to Northeast Asia. And Kanata has offered participating First Nations the chance to acquire up to 50 per cent ownership in the project.
This is the kind of build engaged women have told us they want: 73 per cent support expanding Canada’s oil and gas production for export. The MOU is non-binding and remains subject to regulatory approvals, but it’s a good sign to see investment in Canadian energy.