PetroChina (PTR.NYSE, 601852.SH, 0857.HKG) announced plans to join Mitsubishi Corp (8058.TYO), Korea Gas Corp and Royal Dutch Shell (RDS.B.NYSE, RDSA.LSE, RDS.A) in building a liquefied natural gas (LNG) export station on Canada’s west coast, The Wall Street Journal reported. The LNG Canada project would operate a two-train export terminal in Kitimat, British Columbia, that will initially ship 12 million tons of LNG a year to Asia beginning in 2019. The three Asian companies have each taken 20% stake in the project, the equivalent of 2.4 million tons a year in the first phase, while Shell has a 40% stake. Canada has already approved two smaller LNG export projects at Kitimat, led by US-based Apache (APA.NYSE) and BC LNG Export Co-Operative. China’s LNG imports rose 31% last year, and further increases are expected as the government tries to cut carbon emissions by shifting its energy mix towards natural gas.
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