Petronas-Backed LNG Canada Prepares C$30 Billion Expansion Amid Global Demand Surge

Petronas-backed LNG Canada is planning to expand its annual liquefied natural gas (LNG) production capacity by up to 50% through a C$30 billion project. The expansion could double the facility's current output of around 14 million tonnes per year, reaching as high as 30 million tonnes annually.

The proposed expansion comes amid rising global demand for LNG and is expected to be announced by the project's partners soon. Petronas holds a 25% stake in LNG Canada, while Shell is the largest shareholder with 40%. Other stakeholders include PetroChina Co Ltd and Mitsubishi Corp, each owning 15%, and Korea Gas Corp with a 5% share.

The expansion's timeline remains unclear, but earlier this year, Petronas' president and group chief executive officer Tengku Tan Sri Muhammad Taufik mentioned that a final investment decision on LNG Canada Phase 2 was expected in 2026. The partners are reportedly working on the project's engineering and costs.