Petronas Buys 25% Share of LNG Canada Project

LNG Canada has announced that Malaysia’s state-owned oil and gas company Petronas, through its wholly-owned entity, the North Montney LNG Limited Partnership, is buying a 25% share in LNG Canada’s proposed LNG export project at Kitimat, British Columbia.  Once the deal is completed, LNG Canada’s ownership interests will be Shell at 40%, Petronas at 25%, PetroChina at 15%, Diamond LNG Canada (an affiliate of Mitsubishi Corporation) at 15%, and Kogas Canada LNG at 5%.  A final investment decision has not been made for the LNG Canada project.  Last summer, Petronas cancelled its proposed Pacific NorthWest LNG project at Port Edward, British Columbia due to market conditions.



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