The Malaysian oil and gas company Petronas has acquired a 25% stake in the Shell-led LNG Canada project in Kitimat (British Columbia, Canada). The transaction will reduce the share of Shell by 10%, from 50% to 40%, that of Kogas by 10% from 15% to 5% and that of PetroChina by 5% from 20% to 15%; Mitsubishi Corporation through its affiliate Diamond LNG Canada will retain 15%.
Estimated to cost CAD40bn (US$31bn), the LNG Canada project will include two LNG liquefaction trains rate 6.5 Mt/year each, with an option to expand the project in the future to four trains. The final investment decision (FID) shall be taken according to the overall competitiveness and affordability of the project and will also depend on external factors such as global energy markets.
Canada's LNG export projects suffered several blows in 2017 and 2018 after Petronas decided to cancel its Pacific NorthWest LNG project in August 2017 and Woodside decided to abandon its proposed 20 Mt/year liquefaction project in Grassy Point, in British Columbia (Canada).
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