A message from Mark Parsons at ATB Economics:
On the topic of "getting things done in Canada," it's useful to have examples of success stories.
In the energy sector, we have two recent examples. One is Trans Mountain Expansion, with crude oil shipments to Asia surging in 2024. The other one is propane. Shipments to Asia, primarily Japan and South Korea, took off starting in 2019 with the Ridley Island Export terminal.
We have highlighted both trends in a recent Twenty-Four.
The U.S. Energy Information Agency highlighted the rising propane shipments to Asia out of Canada. Even more capacity is being added. AltaGas and Vopak are building the Ridley Island Energy Export Facility (REEF), which is expected to add 55,000 barrels per day of capacity in Phase 1 and is scheduled to come online by the end of 2026.
According to the EIA, "the planned capacity addition is expected to lead to more waterborne propane exports to markets in Asia, and, to a lesser extent, the western coast of South America and Mexico."
Read many more insights from the ATB Economics team in this edition of The Seven.
For more number-crunching on Alberta's economy, visit The Twenty-Four Seven by ATB.