PetroChina, one of Netherlands-based energy company Royal Dutch Shell's Asian partners in the LNG Canada venture in western Canada, has approved its $3.46 billion shares of the investment, pushing the huge project closer to moving forward.
All the partners, including Korea Gas, Malaysia-based oil and gas company Petronas and Japan-based automotive company Mitsubishi, need to make similar moves for the venture to approve a final investment decision.
The deal implies a total investment of roughly $23 billion across all partners.
LNG Canada could be the biggest new liquefied natural gas terminal to be sanctioned in years, with the capacity to eventually export as much as 26M metric tons/year.