Enbridge buys stake in LNG project

Confession, I have a large (by my standards) position in Enbridge for the generous dividend.



COMPANY NEWS Jul 29, 2022

Enbridge snaps up stake in West Coast LNG plant, demand surges

Christopher Reynolds , The Canadian Press

Enbridge Inc. has extended its push into liquefied natural gas as global demand soars, scooping up a stake in a proposed LNG project on the West Coast — even as the projected cost of the venture more than tripled.

On Friday, the Calgary-based energy company announced it was buying a 30 per cent stake in the construction and operation of the Woodfibre LNG processing and export facility near Squamish, B.C.

Pacific Energy retains a 70 per cent stake in the in the $5.1-billion project under the partnership agreement with Enbridge.

Previous stakeholder estimates pegged the cost at $1.6 billion. The higher price tag stems in part from funding to expand Fortis BC Energy Inc.'s Eagle Mountain pipeline, which will connect the proposed plant to the Enbridge network.