Spanish energy giant Repsol has halted plans to add liquefied natural gas export facilities at its existing Canaport LNG import terminal in Saint John, Canada.
“The Saint John LNG liquefaction project has been placed on hold,” Brent Anderson, a spokesman for Repsol Canada told LNG World News in an emailed statement.
Repsol joins a growing number of companies that are delaying or cancelling their LNG developments due to market volatility and low oil and gas prices.
“Current market conditions and project challenges make it unattractive for third-parties and off-takers to join the project,” Anderson said.
Saint John LNG Development, a unit of Repsol, received in September last year a licence from Canada’s NEB to export up to 8.86 bcm of gas per year for a period of 25 years from the proposed 5 mtpa LNG facility.
According to NEB’s filing, Repsol planned to export the chilled fuel to Europe.