LNG Canada Doubles Capacity Amid Global Energy Demand Surge
The LNG Canada terminal in Kitimat, B.C. is set to double its output as the world's demand for energy continues to rise. The project, a joint venture between Shell and PetroChina, Malaysia's Petronas, Japan's Mitsubishi Corp., and South Korea's KOGAS, will increase its capacity from 14 million tonnes per year to 28 million tonnes per year.
The expansion is timely given the disruptions in global energy markets due to conflicts in the Middle East. The ongoing fighting has disrupted LNG shipments from Qatar, one of the world's largest producers, and Russia, another major player, has seen intensifying bombardment from Ukraine.
Canada has been looking to diversify its export customer base amid tensions with its main trading partner, the United States. Prime Minister Mark Carney emphasized the importance of this project in a news conference, stating that it is 'the perfect example of us giving ourselves more than anyone can take away.'