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{Northern Exposure, part 2: Prince Rupert in the eye of the energy storm}
An aerial shot of Ridley Terminals, a tenant of the Port of Prince Rupert. Ridley Terminals, a Crown corporation located on Ridley Island, is undergoing a $200 million expansionBy Sean KolenkoTue Oct 15, 2013 12:01am PSTIt's 7:56 a.m. An unexpectedly warm sun begins to poke through the fog that blankets Prince Rupert. A seemingly endless coastline, Prince Rupert's calling card, is slowly revealing itself, scenic piece by scenic piece.Only a handful of residents dot the town's hilly sidewalks – an elderly couple walks a dog, a backpack-slung 20-something man strolls, presumably, to work. The parking lot of the booked-solid Crest Hotel, a hilltop landmark, boasts licence plates from B.C., Alberta and one from as far away as Manitoba.But the tourists have yet to emerge from their rooms.Soon, the town will wake up. Vacationing anglers will board charter boats, kayakers will tour the waters and the less adventurous will visit the frozen-in-time museum at the defunct North Pacific Cannery.Par for the course in Prince Rupert, it seems.But things are far from business as usual. Prince Rupert is changing. Like Kitimat, it has caught the eye of multibillion-dollar companies such as Malaysian energy giant Petronas and British natural gas titan BG Group, all looking to build liquefied natural gas export facilities on its coast.But LNG is just one piece of the economic awakening. Industry is circling Prince Rupert. Growth is everywhere.An eye on AsiaPrince Rupert has always been a port town. For decades,[url=http://www.moncler-sale.org]moncler outlet[/url], tenants of the Port of Prince Rupert have shipped their commodities overseas – coal from Ridley Terminals, grain from Prince Rupert Grain Ltd.But things changed at the port in 2007. That year #file_links[D:\keywords14.txt,1,S] , the Fairview ContainerTerminal, historically a break-bulk depot, reopened as a container terminal. The plan was to leverage Prince Rupert's proximity to Asia to entice clients shipping goods to North America. The Port of Prince Rupert is about 500 nautical miles closer to China than Port Metro Vancouver is.The move paid off.By 2008,[url=http://www.moncler-sale.org]moncler on sale[/url], myriad international goods were coming in. Instead of opting for the larger ports in Vancouver or Los Angeles-Long Beach, companies in places such as Shanghai were looking north to Prince Rupert as a viable shipping destination. The port was firmly on the international radar."When I came here [in July 2010], Prince Rupert was a community in transition – it still is," said Derek Baker, economic development officer with the City of Prince Rupert."But the catalyst for all the change we're seeing has been the port. I'm not sure we'd see the growth if it wasn't for that expansion. I travelled to China in 2011 with the port authority, and people there couldn't believe a town our size could pull this off. The port really took this community under its wing."Since it reopened, the Fairview terminal has been North America's fastest-growing container terminal. Year over year, its volume has increased substantially. But there are plans for more. In August, a fourth crane arrived at the terminal, upping its capacity from 750,000 20-foot equivalent units (TEUs) to 850,000 TEUs. Two additional expansions of the terminal, currently under consideration, could increase that capacity to 2.3 million TEUs, if approved.The rest of the port is growing, too. Ridley Terminals is in the midst of an expansion. New rail lines, roads and wharfs are being built. Large-scale wood pellet and potash terminals have been proposed for vacant port lands. Even a mixed-use condo development is being considered for a plot adjacent to the port's administration offices."We're very much a development company. And from a build-out perspective, we're young," said Shaun Stevenson, vice-president of trade development and public affairs with the Prince Rupert Port Authority, the organization charged with managing the port."There is phenomenal opportunity for growth – huge construction opportunities. There is a generational opportunity playing out in northwestern B.C."Readying the community for economic revivalIt's a few minutes past noon and the morning's cloud is a distant memory. It's nearly 20 C – shop doors are propped open, there's a small lineup at Cowpuccino's, a coffee shop popular with locals.For the moment, the rear patio of Opa Sushi, a trendy spot in the town's brightly coloured Cow Bay tourist sector is empty, save one table. Owner John Farrell mulls over what appetizer to have for lunch. He opts for the Buddha Roll.Farrell, who also works as the general manager of the business development firm Community Futures of the Pacific Northwest, has been in Prince Rupert for 10 years. He's watched the town struggle. When Farrell arrived in 2003, the population of Prince Rupert was about 14,500, down from more than 19,000 just six years earlier. And the slide has continued. In 2006, there were 13,392 people living in Prince Rupert. In 2011, according to the last census, there were 13,052 residents.A lack of work has forced people out. When Skeena Cellulose, the shuttered pulp mill on Watson Island, closed in 2001, it shook the town. Just five years prior, more than 850 people worked at the mill. Commercial fishing, another historic economic staple, has long been in decline. At times,[url=http://www.moncler-sale.org]moncler down jackets[/url], unemployment in Prince Rupert topped 15%, more than double the provincial average. Foreclosures swamped the courthouse."Downtown used to look like a toothless smile with all the empty shops," Farrell said. "It seemed like one out of every three was vacant."Things are different these days. The port's success has spurred investment interest in the town. Looming LNG developments are on everyone's lips. Farrell's started hosting community sessions dubbed GIGs – Get in Gear – so residents and business owners can better understand what changes they can expect.Faith is returning, said Farrell.And without the international presence at the port and big-ticket energy projects, that might not have happened.But what gives Farrell the most hope is seeing patrons returning to the restaurants, or taking a flood of calls at Community Futures from potential small business owners wanting information. This isn't just an opportunity for the executive or shrewd investor. The little guy can win, too."There's been a renaissance in the restaurants; that tells me there's confidence,[url=http://www.moncler-sale.org]discount moncler jackets[/url]," said Farrell, smiling."There's enough interest in industrial development to put capital into small business."Investment decisions weren't built in a dayIf prepping the community for a wave of industrial development is the task at the grassroots level, then the mandate of the boardroom is executing high-stakes negotiations with customers in Asia and tempering community expectations in B.C.Currently, the wellhead price in B.C. is about $4 per 1,000 cubic feet of natural gas. Asia pays up to four times that amount.That differential is what drives the economics of this potential boom.But companies exporting liquefied natural gas from B.C. have to pay the wellhead price, a gas processing fee, the cost of transport to the coast from the northeast, the cost of shipping to Asia and, in some instances, the cost of regasification in Asia. Those added expenses make it all the more critical for companies to negotiate the highest price and the longest contract possible with Asian buyers.Steve Swaffield, acting president of BG Group Canada, said the company intends to negotiate "as high and as hard as possible" but admitted the company is facing pressure from customers hoping to capitalize on the lower North American wellhead price."There is a lot of excitement at the moment, but there is only a finite amount of economics to go around," he said,[url=http://www.moncler-sale.org]moncler sale[/url], adding BG Group is also considering LNG projects in Louisiana, Africa and Queensland, Australia."The contracts for liquefied natural gas are typically in the 25-year timeframe. You need that length of commitment for the capital we are putting at risk."Until those contracts are signed, these projects, promising as they are,[url=http://cppprimer.jesseolmer.com/index.php5?title=User:Kobjit486282]moncler down jackets 1[/url], can disappear. Minister of Natural Gas Development Rich Coleman, who toured potential LNG sites in Prince Rupert and Kitimat last month, stressed the need for patience. These projects are huge. And they will help both the local and provincial economies. But the money isn't here, he said. At least not yet."I met with the councils in each city I visited, and they all had wish lists of what they'd like built. Some of that was roads and bridges, which are needed, but I had to tell them that unless something has changed there are no investment decisions yet. "We can't spend money today that we don't have," said Coleman."But this is becoming more and more real. The investments will come."'If we're the last pristine place, can't we somehow trade on that?'Donning a matching blue shirt and baseball cap, Kendal Shepard cuts a slim, youthful figure. He smiles when he speaks. When he lifts his bottle of Kokanee, a faded sleeve of tattoos pokes out from beneath his bright-red right sleeve.Shepard has spent each of his 32 years in Prince Rupert, and he isn't going anywhere. Life on the north coast has proven too strong a pull for the aquatic coach and part-time kayak instructor.But staying, postcard-worthy geography notwithstanding, hasn't always been easy. Shepard has watched his town boom and bust. When he was a kid, his dad had a steady gig at the BC Packers cannery, and his family lived a comfortable life.The rest of the town seemed comfortable, too. Fishermen plied the waters, the pulp mill employed locals – more than 1,000 in its best years – and a steady wave of tourists arrived in the summer.Then, things changed. His dad lost his job at the cannery in the late '90s. The mill closed. The fishing industry struggled. Elementary schools closed. Family and friends, Shepard's father included, were forced to move away, starved for work.So when Shepard talks about the potential economic boom facing Prince Rupert, the expected reaction is one of excitement. After all, his hometown might finally get back on its feet.But he's skeptical.Shepard makes part of his living on the water, and he says no one's talking about the effect the projects might have on the coast. He doesn't want Prince Rupert to struggle – he's seen more than enough of that. But the coast is why he's stayed, and he doesn't want a front row seat to another mess."It's been tough, we need jobs here," Shepard says, glancing at the U.S. college football game on the television."But is that what we want? This is our home. If we're the last pristine place, can't we somehow trade on that?" •Fairview Container Terminal volumesTEU stands for 20-foot equivalent unit, a standard measure used to describe container traffic.2008 181,000 TEUs2009 263,000 TEUs (+45%)2010 343,000 TEUs (+30%)2011 410,000 TEUs (+20%)2012 564,000 TEUs (+38%)Economic impacts on the Port of Prince Rupert2,330 direct jobs, 1,350 indirect jobsWages: $130m direct, $40m indirectGDP: $290m direct, $70m indirectEconomic output: $550m direct, $140m indirectFairview Container Terminal volumesTEU stands for 20-foot equivalent unit, a standard measure used to describe container traffic.2008 181,000 TEUs2009 263,000 TEUs (+45%)2010 343,000 TEUs (+30%)2011 410,000 TEUs (+20%)2012 564,000 TEUs (+38%)Economic impacts on the Port of Prince Rupert2,330 direct jobs, 1,350 indirect jobsWages: $130m direct, $40m indirectGDP: $290m direct, $70m indirectEconomic output: $550m direct, $140m indirectHelp wantedIf only t #file_links[D:\keywords12.txt,1,S] he LNG projects proposed for Prince Rupert are built – excluding the potash, coal and wood pellet developments – the construction jobs needed will, like Kitimat, more than double the population of the town.Pacific NorthWest LNG: 3,500 construction jobs, 200 to 300 full-time jobs during operations.Prince Rupert Gas Transmission Project: 5,500 construction jobs over a four-year construction period.Prince Rupert LNG: 3,500 construction jobs, 200 full-time positions during operations.Spectra Natural Gas Pipeline: 7,000 jobs during construction, 60 full-time jobs during operations.Prince Rupert projects•Pacific NorthWest LNG: an $11 billion liquefied natural gas export facility proposed for Lelu Island. Petronas owns 90% of the project. The remaining 10% is owned by Japan Petroleum Exploration Company (Japex). In early July, Pacific NorthWest LNG applied to the National Energy Board for a licence to export 19.68 million tonnes of LNG per year for 25 years. The export licence has not yet been granted. An environmental assessment of the project is underway.•Prince Rupert Gas Transmission Project: a $5 billion, 750-kilometre long pipeline built to serve Pacific Northwest LNG. TransCanada (TSX:TRP) has been selected to build the pipeline.Note: Last week, Petronas pledged $36 billion over the next 30 years to the Pacific NorthWest LNG project. Of the $36 billion, $11 billion is earmarked for the export facility,[url=http://euceso.home.pl/forum/index.php?topic=2089298.msg2638821#msg2638821]moncler on sale aboinfo@salzburg.comLieferunge #file_links[D[/url], $5 billion is slated for the pipeline and $5 billion has already been spent on Petronas' takeover of Progress Energy Canada last year. The remainder of the money will be spent on upstream assets such as natural gas wells in northeast B.C. The announcement does not constitute a final investment decision from the company. That decision is expected in late 2014.•Prince Rupert LNG: a $10 billion liquefied natural gas export facility proposed for Ridley Island. The sole proponent of Prince Rupert LNG is the BG Group (LSE:BG.L). In mid-July, Prince Rupert LNG applied to the National Energy Board for a licence to annually export up to 21.6 million tonnes of LNG for 25 years. The export licence has not yet been granted. An environmental assessment of the project is underway.•Spectra Natural Gas Pipeline: a $6 billion, 850-kilometre pipeline to serve Prince Rupert LNG. BG Group has partnered with Spectra Energy Corp. (NYSE:SE) to build the pipeline.•Ridley Island Rail and Utility Corridor: a sweeping waterfront project that includes an extensive new rail loop, a new access road, an overpass, an underpass and a new power line to attract investment in the Port of Prince Rupert. Phase 1 of the project will cost an estimated $90 million. Of that $90 million, $15 million came from the federal government,[url=http://bus.61.com/461444226/diaryread/?id=12337]52xozjyh[/url], $15 million came from the provincial government and $30 million each came from CN Rail and the Port of Prince Rupert. Work is underway on the project.•Ridley Coal Terminal Expansion: a $200 million upgrade to the export terminal including upgrades to rail infrastructure, a new thaw shed for coal, new transfer tower, new substations and a new stacker reclaimers – equipment designed to handle bulk materials. The expansion will more than double the terminal's annual throughput to 25 million tonnes. Ridley Terminals, a Crown corporation currently up for sale by the federal government, handles metallurgical coal, thermal coal and petroleum coke, a byproduct of oilsands refining. The expansion is underway.•Canpotext Potash Export Terminal: #file_links[D:\keywords11.txt,1,S] a $400 million project proposed for Ridley Island. Plans for the potash export terminal include a marine wharf, a causeway, an all-weather ship loading facility, an 180,000-tonne storage facility and an automated rail unloading system, among other features. The Canpotex project will have the capacity to handle 12.5 million tonnes of red potash and 500,000 tonnes of white potash annually. The project has received environmental permits, bu #file_links[D:\keywords13.txt,1,S] t no final investment decision has been made. Canpotex is an umbrella export organization made up of Potash Corp. of Saskatchewan Inc. (TSX:POT), Mosaic Co. (NYSE:MOS) and Agrium Inc. (TSX:AGU).•Fairview Container Terminal expansion: a $650 million expansion of the Fairview Container Terminal including an expanded wharf and dock areas and new gantry cranes. The project received environmental approval in January. In early August, a new crane arrived at the terminal.Tags: Rich Coleman, Prince Rupert, Kitimat, Spectra Energy Corp., National Energy Board, Port Metro Vancouve #file_links[D:\keywords15.txt,1,S] r, coal, natural gas, Prince Rupert Port Authority, Ridley Terminals
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