Shell approves C$33 billion LNG Canada expansion

Investing.com -- Shell and its partners approved the LNG Canada Phase 2 expansion on Tuesday, committing C$33 billion to double the facility’s production capacity in Kitimat, British Columbia.

The expansion will add two liquefaction trains to the facility, raising total export capacity to 28 million tonnes per annum from 14 mtpa.

Shell holds a 40% stake in the joint venture and expects to receive nearly 6 mtpa of additional LNG from the expansion. The company targets commercial operations for the early 2030s.

Prime Minister Mark Carney said the C$33 billion investment will make LNG Canada the second-largest facility of its kind globally.

The joint venture partners include Malaysia’s Petronas Chemicals Group Bhd (KL:PCGB), PetroChina, Mitsubishi Corp. (TYO:8058), and Korea Gas Corp. LNG Canada represents the country’s first large-scale LNG export terminal and ranks among Canada’s largest private-sector investments.

The expansion positions Canada to become one of the world’s largest LNG exporters.

Original Article

You May Also Be Interested In

• Shell Plc. (SHEL) PT Raised to $115 at TD Cowen
• Transaction in Own Shares
• Shell PLC (SHEL:LN) (SHEL) PT Raised to GBP41.65 at TD Cowen