HONG KONG – Two partners in the LNG Canada joint venture have approved their share of the project’s estimated $40 billion investment, moving the chance of a positive final investment decision closer to reality.
Bloomberg is reporting that the board of PetroChina Co., China’s largest oil and gas company, approved its $3.46 billion share of the LNG Canada project.
The company confirmed its decision in a filing to the Hong Kong stock exchange today, while Korea Gas Corp. made a similar announcement in Seoul.
The three remaining partners, Royal Dutch Shell, Petronas, and Mitsubishi Corp., all need to give approval for the venture to approve a final investment decision.
Bloomberg said today that both Shell and Petronas declined to comment about the two partners approving the funds, while a spokesperson for Mitsubishi said Friday the company hasn’t yet come to a decision.
Earlier this week, Bloomberg reported that sources with direct knowledge of events say that preparations are underway in Kitimat for a final investment decision to be made on October 5th, with an LNG Canada event and fireworks display at a local golf course the following day.
Those anonymous sources added that the situation is fluid and the timing could change.