The 1 Bcf/d Canaport LNG terminal marked its official opening Thursday, giving Spain’s Repsol YPF greater access to U.S. and Canadian natural gas markets.

The liquefied natural gas (LNG) terminal received its first cargo in June (see Daily GPI, June 19). It can supply up to 20% of New York and New England’s gas demand, according to Repsol. The terminal facility has the capability to store 9.9 Bcf of gas in liquefied form.

Canaport LNG is the first to be completed of 10 key projects included in Repsol’s 2008-2012 strategic plan. It is the first land-based LNG receiving and regasification terminal built on the East Coast of North America in 30 years and the first LNG receiving and regasification terminal in Canada. Repsol partnered with Fort Reliance, Irving Oil’s parent company and owner of Canada’s largest oil refinery, in the construction of the terminal.

Repsol is the managing general partner with a 75% stake and has contracted for 100% of the plant’s capacity. Repsol began selling gas in the Northeastern United States in 2008. Repsol said it plans to quadruple its global volumes of LNG sold by 2012.

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