LNG Canada announces investment participants to construct gas export facility

By baddey dey`

LNG Canada has announced that is has reached an agreement with a host of partners to invest in the LNG Canada export facility in Kitimat, British Columbia

The joint venture is comprised of Shell, Malaysia-based Petronas, PetroChina, Japan’s Mitsubishi Corporation, and South Korean KOGAS.

Development and construction of the facility is projected to cost US$31bn, with the project to offer the fastest means to export natural gas to Asia.

Andy Calitz, CEO of LNG Canada, said in the press release:

“The Final Investment Decision taken by our joint venture participants shows that British Columbia and Canada, working with First Nations and local communities, can deliver competitive energy projects.”
 
“This decision showcases how industrial development can co-exist with environmental stewardship and Indigenous interests.”

See more:

 

Each partner in the joint venture will supply its own natural gas and “will individually offtake and market its share of LNG”.

The first of two processing units, “trains”, is due by the middle of the next decade.

LNG Canada’s statement noted that the facility has been specifically designed to deliver the lowest carbon intensity of any plant of its kind in the world.

It adds that LNG demand is expected to double by 2035 “as a result of global commitments to reduce greenhouse gas emissions and improve air quality.”

“LNG Canada will provide natural gas to countries where imported gas could displace more carbon intensive energy sources and help to address global climate change and air pollution.”

Canadian Prime Minister Justin Trudeau said the project marks the single largest private sector investment in the country’s history, and lauded the agreement as recognition of Canada’s desire to develop energy networks that mitigate harm to the environment.

Share

Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy