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Petronas said to possibly be looking to buy Chevron’s stake in Kitimat LNG

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TORONTO, O.N. — Petronas could possibly be looking to get back into the Canadian LNG game after sources said that Chevron is exploring options including selling its minority stake in the proposed Kitimat LNG project.

According to Reuters, three unnamed sources said that Petronas is among the parties in talks with Chevron for a possible stake in Kitimat LNG, after it scuppered plans to build the $36-billion Pacific NorthWest LNG project last July because of unfavourable market conditions. Speaking anonymously, the sources told Reuters that it was not guaranteed that Chevron would sell its stake. They said that Chevron is considering selling a stake in Kitimat LNG to a financial investor such as a Canadian pension fund or a private equity firm.

The sources added that Seven Generations Energy Ltd and Tourmaline Oil Corp are also in discussions to supply natural gas to Chevron’s project, and that Seven Generations may also consider buying a stake in the project by partnering with other gas producers. Kitimat LNG, a 50/50 joint venture with Australia’s Woodside Petroleum Ltd, has a 20-year, 10 million-metric-tonne-per-year export license for LNG and is expected to cost tens of billions of dollars to build.

Story courtesy The Globe and Mail/Reuters: https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/chevron-in-talks-to-sell-stake-in-canadian-lng-project-sources/article38211025/?utm_source=Shared+Article+Sent+to+User&utm_medium=E-mail:+Newsletters+/+E-Blasts+/+etc.&utm_campaign=Shared+Web+Article+Links

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