Four LNG companies enter into formal agreement under LNG Canada

In a release LNG Canada CEO Andy Calitz says, “While we are in the early evaluation process and a decision to build the project is still a while away, this agreement reinforces our commitment to developing an LNG facility in British Columbia and allows us to proceed with the next steps in our project assessment.”

As a result of the new agreement the company’s individual interests in the project have been updated. Shell holds 50 per cent, PetroChina Corporation has 20 per cent and Korea Gas Corporation and Mitsubishi each have a 15 per cent stake.

LNG Canada will initially consist of two LNG processing units with the capacity to produce six million tonnes of LNG annually, with an option to expand the project in the future.