Enbridge Buys British Columbia Gas Storage Site for $400M

On Monday, Enbridge Inc. announced it would pay C$400 million ($294.68 million) to acquire the Aitken Creek natural gas storage facility in British Columbia from FortisBC Holdings Inc.

Aitken Creek Storage is an underground storage located in the Montney region, one of the most promising oil areas in Canada.

The province of British Columbia is seeing an increase in liquefied natural gas (LNG) projects as the world looks for other alternatives to move its gas supplies away from Russia in the wake of Moscow’s invasion of Ukraine.

The facility is linked up to all three main long-distance natural gas pipelines in Western Canada, including Enbridge’s Westcoast Pipeline and Alliance Pipeline. The company says that the facility can store up to 77 billion cubic feet of gas.

Closing on the deal is expected for this year.