"As the world’s largest operator of LNG import terminals, we recognize the potential value of the LNG Canada project for our company and for British Columbia, and look forward to conducting business in B.C. with respect for all local residents and their traditions," said Young Sik Kwon, Vice-President of Korea Gas Corporation.
The four companies will now look into the plant that will have an annual expected capacity of 12 million metric tons. It would use gas from plays in western Canada, including Horn River and Montney. In addition to the construction of two LNG processing units, facilities for the storage and export of LNG will also be built.
Shell purchased an LNG terminal back in October, but there is no word on whether that would be involved in this partnership.
With the announcement, the formal consultation process with First Nations and local community residents has now officially begun. There are already several LNG terminals proposed for Kitimat, including B.C. LNG and Kitimat LNG.