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July 29 (Reuters) – Canada’s Enbridge Inc (ENB.TO) said on Friday it will invest C$5.1 billion in the joint construction and operation of the Woodfibre LNG project with Pacific Energy Corp Ltd.
Woodfibre LNG is a 2.1 million-tonne-per-year liquefied natural gas (LNG) export facility with 250,000 cubic meter of floating storage capacity being built near Squamish, British Columbia.
Under the partnership, Enbridge will invest in a 30% ownership stake in Woodfibre LNG project, with Pacific Energy retaining the remaining stake in the facility.
The move comes as energy companies looks to shift away from more polluting fuels and deepen their presence in a market benefiting from the Russian invasion of Ukraine.
Enbridge also reported earnings attributable to common shareholders of C$450 million, or 22 Canadian cents per share, in the second quarter ended June 30, from C$1.39 billion or 69 Canadian cents per share, a year earlier.
Earnings were hit by non-cash, net unrealized derivative losses of C$850 million.
($1 = $1.2828)
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