Enbridge Acquires Gas Storage Facility in British Columbia for $400 Million

May 1 (Reuters) – Canadian pipeline operator Enbridge Inc (ENB.TO) said on Monday it would acquire Aitken Creek natural gas storage facility in British Columbia (B.C.) from FortisBC Holdings Inc for C$400 million ($294.68 million).

Aitken Creek Storage is an underground reservoir located in the Montney area, one of Canada’s most attractive oil regions.

The storage facility, which is connected to all three major long-haul natural gas transportation lines in Western Canada including Enbridge’s Westcoast Pipeline and Alliance Pipeline, has a working storage capacity of 77 billion cubic feet, the company said.

The transaction is expected to close this year.

The Canadian province of B.C. is witnessing a flurry of LNG projects as the world tries to secure alternatives to Russian gas supply following Moscow’s invasion of Ukraine.

($1 = 1.3574 Canadian dollars)