XRG Explores Stake in LNG Canada Export Project
XRG is seeking to acquire a stake in the LNG Canada project as partners consider a multibillion-dollar expansion to double the facility's capacity.
The international investment arm of Abu Dhabi National Oil Co., XRG, is exploring the acquisition of a stake in the Shell Plc-led LNG Canada export project. XRG has held discussions with existing backers, including PetroChina Co., to purchase holdings as part of a broader strategy to become a top five global supplier of natural gas and petrochemicals.
PetroChina, which holds a 15% stake in the Kitimat-based facility, has gauged interest in selling its position to help finance a second phase of the project. The project partners — including Shell, Petroliam Nasional Bhd., Mitsubishi Corp., and Korea Gas Corp. — are currently evaluating a multibillion-dollar expansion to double the plant's annual capacity. A final decision on the expansion is expected by the end of 2026.
The facility has emerged as a critical alternative for Asian importers following Middle East conflicts that disrupted natural gas deliveries from Qatar and the Strait of Hormuz.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play