Santos Secures Canadian LNG Deal Amid Trade Diversification Push

Australia's Santos has secured a deal to import liquefied natural gas (LNG) from Canada, as part of Prime Minister Mark Carney's trade diversification strategy. The Ksi Lisims project will be a floating installation off the coast of British Columbia, and is expected to have a nameplate capacity of 12 million tons per annum of LNG.

The plant will be fed by the Prince Rupert Gas Transmission (PRGT) system, which carries gas from shale reserves in northwestern British Columbia over 550 miles. Santos has agreed to secure 1 million tons per year of LNG from Ksi Lisims over a 20-year period beginning in 2031.

For Prime Minister Carney, the deal is part of his efforts to reduce Canada's reliance on trade with the United States and promote economic diversity. The country has seen significant growth in exports to non-U.S. destinations, including South Korea and India.