Energy Minister tells Business In Vancouver that Petronas is buying a stake in LNG Canada

A rendering of the proposed LNG Canada facility in Kitimat. Photo by LNG Canada
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VANCOUVER, B.C. — Energy, Mines and Petroleum Resources Minister Michelle Mungall has reportedly let it slip that Petronas will be taking a stake in the Shell-led LNG Canada project near Kitimat.

According to Business In Vancouver, Mungall said during an interview that Petronas made it clear when it announced the cancellation of its Pacific NorthWest LNG  project last year that the cancellation was due to market conditions, and had nothing to do with the change in government.

“And to fully emphasize that point, Petronas is now investing in LNG Canada’s project,” said Mungall during the interview.

Business In Vancouver says that neither LNG Canada nor Petronas have confirmed Mungall’s statement.

The Globe and Mail has previously reported that since scrapping Pacific NorthWest LNG last July, Petronas has been looking at acquiring a minority stake in LNG Canada, and has also said to be interested in acquiring Chevron’s stake in the proposed Kitimat LNG project. 

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LNG Canada confirmed last week that it has awarded the engineering and procurement contract for its proposed LNG export terminal to the partnership of U.S.-based Fluor Corp. and Japan-based JGC Corp.

Story courtesy Business In Vancouver: https://biv.com/article/2018/05/petronas-taking-stake-lng-canada-energy-minister 

With files from The Globe and Mail.

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