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Japex to take 10 per cent stake in Petronas shale gas lands, LNG terminal

March 4, 20139:04 AM BOE Report Staff

japexCP

 

CALGARY – Japan Petroleum Exploration is buying into Malaysian firm Petronas’ northeastern B.C. shale gas lands and planned West Coast export terminal.

Japex says it has agreed to take a 10 per cent stake in both Petronas’ properties in the north Montney region as well as a proposed liquefied natural gas plant on Lelu Island near Prince Rupert, B.C.

At the facility, called Pacific Northwest LNG, the gas will be chilled into a liquid state so that it can be transported across the Pacific by tanker.

Petronas gained control of those assets through its $6-billion takeover of Calgary-based Progress Energy late last year.

The Japanese company has also committed to buy 1.2 million tonnes of liquefied gas per year – equivalent to 10 per cent of the plant’s annual capacity of 12 million tonnes.

Japex says the deal will help Japan secure long-term supplies of LNG.

LNG Petronas Progress Energy

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