California investors on Friday received formal permission to try breaking into global trade in liquefied natural gas (LNG) by shipping Canadian production overseas from a terminal proposed in eastern Quebec.
Canada’s National Energy Board (NEB) granted GNL Quebec Inc. a 25-year export license to load up to 1.55 Bcf/d into tankers at a planned terminal in Saguenay, 210 Kilometers (130 miles) east of Quebec City.
GNL belongs to Ruby River Capital LLC, which is a joint venture of San Francisco business baron Jim Illich’s Freestone International LLC and Silicon Valley venture capitalist Jim Breyer’s Breyer Capital LLC.
Called Energie Saguenay, the C$7.5 billion (US$5.6 billion) project calls for exports of western Canadian gas to be obtained from a variety of shipping routes. The scheme includes a proposed 650-kilometer (400-mile) pipeline to the remote port on the shore of the St. Lawrence River.
No overseas customers, gas supply sources or pipeline partners have been identified by GNL, which has told the NEB that Energie Saguenay is in development stages with a target of starting LNG exports in 2020.
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