Liquefied natural gas business MidOcean Energy has signed a deal to acquire a 20% stake in the partnership that holds Petronas’ 25% interest in the LNG Canada Project.
The deal includes a 20% stake in the North Montney Upstream Joint Venture, Petronas’ upstream partnership in Canada, and a 20% stake in the North Montney LNG Limited Partnership, which holds PETRONAS’ 25% share in the LNG Canada Project.
After the deal closes, MidOcean will be involved across the LNG value chain, from gas production in North Montney to liquefaction and export via LNG Canada.
Through its partnership with Petronas, MidOcean will gain access to 0.7 million tonnes per year of LNG, with potential for more in LNG Canada Phase 2.
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