Petronas to acquire 25% equity in LNG Canada project

Petronas is pleased to announce that its wholly-owned entity, the North Montney LNG Limited Partnership (“NMLLPâ€?), has entered into a purchase and sales agreement for an equity position in the LNG Canada project in Kitimat, British Columbia, Canada.

Upon the completion of the transaction, which is subject to international regulatory approvals and the completion of other associated agreements, the composition of ownership in the project will be Petronas, (25%); Shell Canada Energy, a subsidiary of Royal Dutch Shell plc (“Shellâ€?), (40%); PetroChina Canada Ltd. (15%); Diamond LNG Canada Ltd., a subsidiary of Mitsubishi Corporation, (15%); and Kogas Canada LNG Ltd. (5%). It is anticipated that the transaction will be concluded in the next few months.

The proposed project includes the design, construction and operation of a gas liquefaction plant and facilities for the storage and export of liquefied natural gas (LNG), including marine facilities. The plant will initially consist of two world-scale LNG processing units referred to as “trainsâ€?, with an option to expand the project in the future to four trains.

Having an equity position in this project will enhance Petronas’ business intent to develop its world-class natural gas resource in the North Montney, northeast British Columbia through its wholly-owned subsidiary, Progress Energy Canada Ltd.

Previous articleFortum to provide technology for Irish power plant
Next articleNanostructured alloying with oxygen
Stainless Steel World is part of The KCI Media Group, a group of companies focused on building and sustaining global communities in the flow control industries. We publish news on a daily basis and connect business-to-business professionals through our online communities, publications, conferences and exhibitions.