Fortis closes gas storage facility acquisition in BC

Fortis closes gas storage facility acquisition in BC

Canada’s Fortis on Monday revealed it has closed the acquisition of the Aitken Creek gas storage from Chevron Canada Properties, a unit of the energy giant Chevron.

When revealed in December last year, the acquisition was priced at approximately US$266 million.

Barry Perry, president and CEO of Fortis, said in a statement that the storage facility can benefit from future development of British Columbia’s natural gas resources to serve both domestic markets and LNG exports.

The 77 bcf gas storage facility, which is the only underground gas storage facility in British Columbia offering services to third parties, will be able to provide balancing services to suppliers and to LNG exporters.

 

LNG World News Staff

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