Chevron buying out Encana and EOG Resources' stakes in Kitimat LNG

As part of an transaction with Chevron, Apache Corporation, which holds the remaining 40 per cent stake, will increase its ownership of the plant and pipeline to 50 per cent. Financial terms of the agreements were not immediately available.

The proposed Kitimat LNG project is in the front-end engineering and design phase. The current plans call for two liquefaction trains, each with expected capacity of five million tons of liquefied natural gas per year. In October 2011, the National Energy Board granted Kitimat LNG a 20-year export licence to serve international markets.