Canadian regulator approves Repsol's LNG plan
CALGARY, Alberta, Sept 4 (Reuters) - Spanish oil firm Repsol YPF (REP.MC) will be allowed to import liquefied natural gas into a New Brunswick terminal for shipment to the U.S. northeast, Canada's energy regulator said on Thursday.
The National Energy Board said it had approved Repsol's application to bring LNG into the Canaport terminal it and partner Irving Oil Ltd, Canada's largest privately owned refiner, are building at Saint John, New Brunswick.
The firm applied in January for a 25-year license to supply 365 billion cubic feet of LNG per year to the Canaport terminal and export up to 1 bcf a day of gas to customers in the United States.
Construction of the Canaport terminal, Canada's first major LNG import and regasification facility, is expected to be wrapped up later this year. Repsol has a 75 percent stake in the terminal while Irving owns the remaining share.
The National Energy Board said in a release it had concluded that the operation would be a "useful addition to the supply of natural gas in North America."
However the regulator denied Repsol's request to also export Canadian natural gas, saying the company did not provide enough information. (Reporting by Scott Haggett; editing by Rob Wilson)
