CALGARY — Enbridge Inc. says it has accomplished a beforehand introduced transaction giving it a 30 per cent possession stake within the Woodfibre liquefied pure gasoline (LNG) venture.

Enbridge introduced in July a partnership with Pacific Power Corp., a part of the Singapore-based RGE Group, to collectively spend money on the development and operation of the Woodfibre LNG venture, situated close to Squamish, B.C.

Underneath the phrases of the deal, Enbridge now owns a 30 per cent stake within the $5.1-billion venture, with Pacific Power retaining the remaining 70 per cent.

Woodfibre LNG is a 2.1-million-tonne-per-year export facility, with long-term offtake agreements in place with BP Fuel Advertising Restricted for 70 per cent of the capability.

Woodfibre LNG introduced in April that it had issued a Discover to Proceed to its building contractor McDermott Worldwide. The venture is predicted to be in service in 2027.

Pacific Power and Enbridge will every make pro-rata contributions throughout building via a mix of anticipated asset-level financing and fairness investments. In alternate for its capital contribution, Enbridge will obtain a most popular fairness curiosity that gives predictable future money flows.

This report by The Canadian Press was first printed Nov. 29, 2022.

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The Canadian Press