Apollo, Blackstone, KKR Engage in High-Stakes Bid for LNG Canada Stake

Apollo Global Management, Blackstone, and KKR are vying for a significant stake in Shell's LNG Canada project. The trio of asset managers is using their insurance businesses to boost their bids, which could reach as high as $15 billion.

The sale will allow Shell to sell a portion of its 40% stake in the project and attract new capital ahead of a possible expansion. LNG Canada is the first major liquefied natural gas facility in North America with direct access to the Pacific.

Shell CEO Wael Sawan said the company is 'very comfortable' with its current stake, but wants to generate cash from lower-return parts of its business.