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11 min ago 2 min read
Canadian energy company Kanata Clean Power and Climate Technologies (Kanata) and South Korean shipbuilder Hanwha Ocean have signed a deal to advance a 12 million tonnes per annum (mtpa) floating liquefied natural gas (FLNG) export project in Prince Rupert, British Columbia, Canada.
Under a signed non-binding memorandum of understanding (MoU), the companies will explore collaboration across engineering, construction, operations, strategic investment, and long-term liquefied natural gas (LNG) offtake for the proposed $15.7bn project.
The Prince Rupert FLNG site is North America’s closest Pacific port to Northeast Asia, positioned on key Asia-bound trade routes as Canada looks to beyond the US.
Kanata LNG will use offshore liquefaction for scalable LNG exports from Canada’s Pacific coast.
Philippe Levy, President of Hanwha Ocean’s Energy Plant Unit, said, “Canada has world-class natural gas resources and strong long-term potential to support reliable LNG supply to Asia-Pacific markets.”
“[The company] believes floating LNG can offer a flexible and scalable pathway for new LNG export developments,” he added.
Canada currently has one major operational facility, LNG Canada Phase 1. The from the 14 mtpa LNG Canada facility were exported to Asia in July 2025.
Proposed large-scale export projects, including Ksi Lisims and Phase 2 of LNG Canada, are yet to reach final investment decisions.
Approximately 20% of global LNG supplies are trapped following the Middle East crisis, presenting Canada with a major opportunity to establish itself as a stable, politically neutral alternative for Asian and European energy markets.
Canada Prime Minister Mark Carney recently said the government is working on further LNG offtakes with Europe as it with the continent.
