Kitimat LNG Project Receives Christmas Eve Boost

From AOL Energy

By Jared Anderson

Established LNG project operator Chevron bought out two minority stakeholders in the Kitimat LNG export project located in British Columbia, Canada in a deal announced on Christmas Eve.

Chevron‘s financial strength, LNG operational experience and marketing expertise could help the project reach important sales and purchase offtake agreements with buyers.

Chevron took over EnCana and EOG‘s 30 percent stakes each in Kitimat and stepped in as plant and Pacific Trail Pipeline operator. Apache will hold the remaining 50 percent and operate the natural gas production facilities feeding the plant.

“This agreement is a milestone for two principal reasons: Chevron is the premier LNG developer in the world today with longstanding relationships in key Asian markets, and the new structure will enable Apache to unlock the tremendous potential at Liard, one of the most prolific shale gas basins in North America,” G. Steven Farris, Apache’s Chairman and Chief Executive Officer said in a statement.

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