Petronas to buy LNG Canada stake

Multinational

KUALA LUMPUR, May 31, 2018 – Petronas has agreed to acquire a 25% stake in the LNG Canada project, the Malaysian NOC announced on Thursday.

The total cost of the project, which is to be operated by Shell (40%) alongside remaining partners PetroChina (15%), Mitsubishi Corporation (15%) and Kogas Canada LNG (5%), is estimated at CAD 40 billion (USD 30.9 billion).

The news came a year after Petronas cancelled its own Pacific NorthWest LNG project in British Columbia, citing adverse market conditions.

“Petronas is in Canada for the long-term and we are exploring a number of business opportunities that will allow us to increase our production and accelerate the monetisation of our world-class resources in the North Montney,” said president and CEO Wan Zulkiflee Wan Ariffin in a statement. “LNG is just one of those opportunities.”

Read our latest insights on:

• Multinational

Previous

Ghana builds first offshore gas jumper

Next

Macri vetoes Argentina utilities freeze