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Petronas to Acquire 25% Share in Canadian LNG Project

Malaysia's Petronas entered into an agreement to acquire a 25 percent stake in the LNG Canada project in British Columbia, the company announced on Thursday.

The proposed project includes the design, construction and operation of a gas liquefaction plant and facilities for the storage and export of LNG, including marine facilities.

The plant will initially consist of two world-scale LNG processing units referred to as "trains”, with an option to expand the project in the future to four trains.

According to Petronas, the transaction is scheduled for completion in the next few months.

Petronas said that on transaction completion, the project ownership composition will be Petronas with 25 percent, Shell Canada with 40 percent, PetroChina Canada with 15 percent, Diamond Canada, a subsidiary of Mitsubishi with 15 percent and Kogas Canada with 5 percent.

"Petronas is pleased to be part of the LNG Canada project. As one of the world’s largest LNG producers, Petronas looks forward to adding value to this venture through our long-term expertise and experience across the LNG value chain. We are committed to deliver LNG and natural gas, the cleanest fossil fuel in the world, to the growing global energy market," said Petronas President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin.

He explained that Petronas, with its long presence in Canada, is currently exploring a number of business opportunities.

Canada is Petronas’ second largest resource holder after Malaysia, with vast unconventional gas and oil resources in North Montney in British Columbia.

(Anadolu Agency, 01/06/2018)

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