Petronas Buying 25 Per Cent Stake in LNG Canada Project
Ten months after abandoning its Pacific NorthWest LNG project at Port Edward's Lelu Island, Petronas has announced it's buying into the LNG Canada project proposed for Kitimat.
[PHOTO ABOVE: rendering of LNG Canada's proposed project at Kitimat]
The Malaysian state-owned energy giant announced today it has signed an agreement for a 25-per cent equity position in LNG Canada.
Petronas expects the agreement to be completed in the next few months, once regulatory approvals are obtained.
Shell Canada would remain the largest stakeholder in the project, at 40 per cent.
PetroChina, Mitsubishi and Kogas are the other stakeholders.
Earlier this month, LNG Canada CEO Andy Calitz caused a stir, when he told an industry conference in Vancouver that the company was committed to starting up construction this year.
But the project still requires a Final Investment Decision from Shell and its partners.