The Prince Rupert Pembina Terminal (PRT) was highlighted in the energy transportation company’s first-quarter results announcing on May 6 a new one-year agreement with a subsidiary of Mitsui to purchase most of the post-commissioning cargo shipped from the terminal.
Propane shipped from the PRT will primarily be destined for northeast Asia and with Mitsui’s global reach and market knowledge will ensure the highest value markets in the world for the product, Pembina stated.
First-quarter earnings for Pembina of $320 million and adjusted earnings, interest, taxes, depreciation and amortization (EBITDA) of $835 million reached new record levels reflecting an improving business environment with consistency relative to most of 2020. Higher natural gas liquids (NGL) and crude oil prices drove improved results for the company’s marketing business and steady increases in volumes of many Pembina systems.
The company started its global market access-centered service at the end of the quarter. The PRT is Pembina’s first propane marine export facility and completed dry commissioning on March 19th, with propane being loaded onto vessels on April 9th. As of April 22nd, two vessels had departed PRT, destined for international markets.
“The start-up of PRT is a major step in providing new market solutions and helping add incremental value to western Canadian hydrocarbons,” the company stated in its news release.
“In conjunction with Pembina’s unit train capabilities, PRT will link the rest of the Company’s natural gas liquids infrastructure in western Canada with growing demand markets throughout the world, with the majority of the increased value flowing to those customers in Pembina’s marketing pool.”
Other highlights from the Pembina first-quarter report include the start-up, through the joint venture with Versen Midstream, of the Hythe Development project to expand natural gas gathering and processing infrastructure to approximately a 60 km 12-inch sour gas pipeline at the Hythe Gas Plant in Alberta.
As well, Pembina entered into a long-term 100-megawatt power purchase agreement to support the development of the 130 MW Garden Plain Wind Project in Alberta. This project will provide cost-competitive renewable energy and the emissions reduction represents approximately seven per cent of Pembina’s reported 2019 greenhouse gas emissions.
K-J Millar | Journalist
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