Petronas to buy LNG Canada stake
Multinational 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.”
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