Repsol reportedly seeking $2B LNG plant in Canada amid Ukraine crisis

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

Repsol (REPYY, REPYF) is considering building a $2B plant on Canada’s Atlantic coast to export natural gas, as Europe seeks to reduce its dependence on Russia for the fuel, Bloomberg reports.

Repsol would erect the facility at its existing Canaport LNG plant, which was designed to import liquefied natural gas and is underused.

The crisis in Ukraine may help Repsol justify investing more in a disappointing project that has already undergone a $1.3B writedown.