LNG Canada Expansion Gets Green Light for RM86 Billion
LNG Canada, a massive liquefied natural gas project backed by PETRONAS, is set to undergo a significant expansion. According to reports, the project's partners are expected to announce that they have agreed to the expansion, which will see RM86 billion invested in doubling the plant's capacity to as much as 30 million tonnes of liquefied natural gas per year.
The LNG Canada partnership includes Shell, PETRONAS, PetroChina Co Ltd, Mitsubishi Corp, and Korea Gas Corp. Shell owns the largest stake at 40%, while PETRONAS holds 25% of the project. The expansion aims to supply superchilled gas to Asia to meet rising demand.
PETRONAS has also agreed to let investment company MidOcean Energy into its two key project entities in Canada, including North Montney LNG Ltd Partnership that controls PETRONAS' participation in LNG Canada.