China’s Top Speed selling Canadian LNG assets
Top Speed Energy Canada, a unit of Shanghai-based Top Speed Energy, has engaged Calgary’s Sayer Energy Advisors to assist it in the sale of its Canadian assets following the unexpected death of its founder earlier this year, Sayer said September 7.
The assets include two small-scale liquefaction projects, the 150,000 mt/yr Skeena LNG facility proposed for Terrace, BC and the 75,000 mt/yr Totem LNG facility proposed for Prince Rupert, BC, and Top Speed’s fleet of 76 ISO containers in the Vancouver area, which are used to store and deliver LNG to domestic customers in Canada and export customers in southeast Asia under a term contract with FortisBC.
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The two plants are scheduled to enter service in Q4 2023 (Skeena) and Q4 2024 (Totem). Until they enter service, Top Speed acquires its LNG volumes from FortisBC’s Tilbury liquefaction facility near Vancouver.
It’s uncertain what impact the proposed sale of the assets will have on the Top Speed’s ISO exports to Asia, which were expected to reach 53,000 mt/yr by this summer.
Offers related to the sale of the assets will be accepted until October 7, Sayer said.