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Death of founder leads to sale of northern B.C. LNG assets

Top Speed Energy has micro-LNG plants in development in Terrace, Prince Rupert
isocontainer-robkruyt
Top Speed Energy was among the exhibitors at the Canada and LNG Conference and Exhibition in 2019.

Two new micro-LNG plants under development in Terrace and Prince Rupert and a fleet of containers for shipping liquefied natural gas domestically or overseas are up for sale, following the death of Jianrong Chen, the founder of the company that owns the assets.

Top Speed Energy Canada Holding Ltd. is one of a handful of startups in B.C. that have been getting in on the small-scale LNG business in B.C. using ISO containers. Unlike large LNG carriers, ISO containers can hold smaller amounts of liquefied natural gas for shipping via container ship or by truck.

Top Speed has been planning the construction of two small LNG plants to serve both domestic markets and for exports to Asia.

The company has a fleet of 76 ISO containers, according to Sayer Energy Advisors, which is handling the sale of the company’s assets in B.C.

It also has two mini LNG plants “under development,” according to Sayer Energy Advisors.

The proposed Skeena LNG plant in Terrace would produce 150,000 tonnes of LNG annually. A smaller plant in Prince Rupert, Totem LNG, would produce 75,000 tonnes per year.

Sayer says the plants are “scheduled to come into service in the fourth quarter of 2023 (Skeena) and the fourth quarter of 2024 (Totem) respectively.”

According to the BC Oil and Gas Commission, neither the Skeena LNG nor Totem LNG projects are permitted yet, although a permit application is in play for the Skeena LNG project.

Top Speed also has secured an offtake agreement from the Pacific Northern Gas pipeline for 30 million cubic feet per day of natural gas.

“In early 2021, the founder of Top Speed passed away unexpectedly,” Sayer Energy Advisors says in its listing

“While the business case for Top Speed remains strong, the majority shareholder felt it best to divest Top Speed of all works, permits and commercial arrangements developed for the Skeena LNG and Totem LNG projects. Top Speed will also be divesting its fleet of 76 ISO containers in the Vancouver area.”