Houston — The competitive sales process for Ridley Terminals, one of the few coal export terminals on the West Coast, has been launched by the Canadian government, the Canada Development Investment Corporation said Tuesday.
Whoever buys the terminal must agree to operate it with open access on a long-term, sustainable basis, according to the sales process letter, continuing to export ongoing contracts.
The Prince Rupert, British Columbia-based terminal primarily ships coal and petroleum coke.
The sale is expected to be complete by next summer. Any non-binding proposals to buy it must be submitted by December 7.
According to the sale agreement, 90% of the shares for the terminal will go to the buyer and the other 10% will be transferred to Lax Kw'alaams Band and the Metlakatla First Nation. -- Olivia Kalb, olivia.kalb@spglobal.com
-- Edited by Andrew Moore, newsdesk@spglobal.com