AltaGas Ltd. (TSX:ALA), the Alberta company that has already invested $2 billion in B.C. in recent years, is planning to spend another $1 billion over the next two years.
AltaGas already is advancing its plans to build the Douglas Channel LNG plant in Kitimat. The company announced July 31 that it is now planning to also build a liquefied propane plant as well.
The company has been capitalizing on its assets in the Montney in Northeastern B.C., which is rich in natural gas liquids.
These so-called “wet” gas products include liquid natural gas (used as condensate in the oil sands), butane and propane – all of which are much more valuable than dry gas.
In a news release from July 30, AltaGas revealed that, in addition to the $500 million LNG plant it plans to build in Kitimat, it is also planning to build a new propane liquefaction plant on the B.C. coast, but has not yet identified the proposed site.
In recent years, AltaGa has been investing in its Montney infrastructure, building gas processing plants and related infrastructure.
That includes the $350 million Townsend gas processing plant. The company is also developing a gas liquids hub in Fort St. John.
The company said the proposed propane plant would have an initial shipping capacity of 25,000 barrels per day of liquefied propane.
In addition to its gas business, AltaGas is also in the renewable energy business. It built B.C.’s largest run of river power station – the $725-million Forrest Kerr project, as well as two smaller ROR projects.
