AltaGas CEO says company will defend interests in B.C. First Nation’s fight with port

The Metlakatla First Nation has notified federal and provincial regulators that it has withdrawn support for REEF because its consent was “unlawfully obtained,” Chief Robert Nelson said in a February news release.

He said the First Nation would not have consented to REEF in 2023 had it known the Prince Rupert Port Authority had given exclusive export rights to Vopak in 2015, before it had partnered with AltaGas.

Metlakatla is an equity owner in Trigon Pacific Terminals Ltd., which had also planned to export fuels through the port, but was denied by the port authority

The Supreme Court of British Columbia ruled in January that the First Nation can proceed with a lawsuit against the port authority alleging its economic rights have been violated. Trigon has mounted its own legal challenge.

“This export monopoly is harming the Canadian economy at a moment when ‘building Canada’ is an urgent national priority,” said Nelson.

“It is impeding competition and blocking Canadian investment in the energy sector, thereby limiting Canada’s ability to diversify trade to overseas markets, and in the process, taking away jobs from Canadians.”

Yu said AltaGas and its partner will defend their commercial rights.

“We feel that having exclusivity is an important feature. It’s a common feature that you see in port development globally and in Canada,” he said, noting it and Vopak spent about $100 million on REEF before they were able to get their permits and that the regulatory process took seven years.

“Without these types of commercial arrangements, it’s very difficult for project proponents to put risk capital at work because you need to ensure that you’re going to get a healthy and reasonable return on your overall capital once your facility is up and running.

“We continue to have active dialogue with all First Nations along the coast and we hope that we can find a mutually beneficial solution as we go forward.”

AltaGas said in its fourth-quarter financial report that construction on REEF is on budget and schedule, with an anticipated startup for later this year. More than 70 per cent of equipment has been delivered and installed. The capital cost has been pegged at $1.35 billion.

AltaGas opened Canada’s first propane export terminal in Prince Rupert in 2019 adjacent to REEF. It has been touting the inroads it’s made into the Chinese market, now supplying six per cent of that country’s propane imports.

AltaGas says it exported 124,593 barrels per day of liquid petroleum gases like propane to Asia during the fourth quarter.

Yu said India is keen to import more of those products, as charcoal remains a widely used cooking fuel in much of the country, but shipping distances compared to the Middle East put Canada at a disadvantage.

Earlier Friday, AltaGas reported $205 million in net income attributable to common shares for its latest quarter up from $203 million a year earlier.

The company says the profit amounted to 67 cents per diluted share for the quarter ended Dec. 31, down from 68 cents per diluted share a year earlier, when it had fewer shares outstanding.

On a normalized basis, AltaGas says it earned 77 cents per diluted share in its latest quarter, up from a normalized profit of 76 cents per diluted share in the fourth quarter of 2024.

Revenue for the quarter totalled $3.29 billion, up from $3.26 billion.

AltaGas also announced that Derek Evans has been appointed as board chair, effective May 1, as part of a planned transition. Evans will succeed Pentti Karkkainen, who is expected to continue as chair until the transition date and will remain on the board as a director.

This report by The Canadian Press was first published March 6, 2026.

Companies in this story: (TSX:ALA)

Lauren Krugel, The Canadian Press

by The Canadian Press

AltaGas CEO says company will defend interests in B.C. First Nation’s fight with port

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