October 2, 2018 - 2:30 AM EDT
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PETRONAS and joint venture participants reach final investment decision in LNG Canada Project

Canada NewsWire

KUALA LUMPUR, Malaysia, Oct. 2, 2018 /CNW/ - PETRONAS is pleased to announce that, together with its joint venture participants, it has taken a final investment decision (FID) on LNG Canada, a major liquefied natural gas (LNG) project in Kitimat, British Columbia, Canada. 

PETRONAS (CNW Group/PETRONAS)

PETRONAS, through its wholly-owned entity, the North Montney LNG Limited Partnership (NMLLP), holds a 25% participating interest in the project, with joint venture participants Royal Dutch Shell plc, through its affiliate Shell Canada Energy (40%); PetroChina Company Limited, through its subsidiary PetroChina Canada Ltd. (15%); Mitsubishi Corporation, through its subsidiary Diamond LNG Canada Ltd. (15%); and Korea Gas Corporation, through its wholly-owned subsidiary Kogas Canada LNG Ltd (5%). The project is operated through LNG Canada Development Inc.

"The final investment decision with our joint venture participants is a significant milestone for PETRONAS and for the energy industry in Canada. The decision is a testimony of the strong collaboration among our partners and stakeholders who share the same aspiration of delivering long-term value via LNG, in line with our commitment to sustainable and responsible development of resources," said PETRONAS President and Group CEO Tan Sri Wan Zulkiflee Wan Ariffin.

"This is the first LNG project in Canada and the project will pave the way for us to add value to our world-class gas resources in the North Montney area and strengthen our supply portfolio for LNG to the Asian markets," Wan Zulkiflee said.

The LNG export facility, which will be built in Kitimat, British Columbia, includes the design, construction and operation of a natural gas liquefaction plant and facilities for the storage and export of LNG, including marine facilities. LNG Canada will initially consist of two LNG liquefaction processing units referred to as "trains," for a total of approximately 14 million tonnes per annum with the potential to expand to four trains in the future.

PETRONAS and its North Montney joint venture partners, are one of the largest natural gas resource owners in Canada with over 52 Tcf of reserves and contingent resources.

Issued by:

Media Engagement
Group Strategic Communications 
PETRONAS

SOURCE PETRONAS

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Source: Canada Newswire (October 2, 2018 - 2:30 AM EDT)

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