First Cargo Shipped from Ridley Island Propane Export Terminal
AltaGas has opened its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia – the first marine export facility for propane in Canada.
The facility began introducing propane feedstock in mid-April, and the first shipment departed the terminal on May 23, 2019 bound for Asia. The facility is expected to ship approximately 1.2 million tonnes of propane annually to customers in Asia.
In 2017, AltaGas entered a multi-year agreement with Astomos Energy Corporation, a Japanese propane importer and distributor, to purchase at least 50 percent of the propane shipped from RIPET annually. RIPET provides producers and customers with a significant locational advantage given comparatively short shipping distances to markets in Asia, says AtlaGas, notably a 10-day shipping time from Canada's West Coast compared to 25 days from the U.S. Gulf Coast.
Asia is the world's largest importer of LPG, with as many as 24 million households using propane for heating and cooking in Japan alone. Propane is also an important feedstock for the petrochemical industry, and fuels nearly 25 million vehicles worldwide.
RIPET is owned by a joint venture between AltaGas (70 percent) and a Canadian subsidiary of Royal Vopak (30 percent).