Sinopec buys 15% stake in liquefied natural gas project in northeast BC
The company joins Progress Energy, Pacific NorthWest LNG and Petronas as a partner in the export project.
April 30, 2014
by The Canadian Press
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CALGARY — China Petrochemical Corp. is acquiring a 15% stake in a liquefied natural gas project in northeast BC.
Financial details of the transaction have not been released.
The company, known as Sinopec, joins Progress Energy Canada, Pacific NorthWest LNG and Malaysian state-owned oil firm Petronas as a partner in the export project.
Sinopec has also agreed to buy a quantity of liquefied natural gas for a minimum of 20 years from the LNG facility’s production.
Petronas will hold 62% of the project and also owns Progress Energy Canada, which brings LNG to Canadian markets and wants to open new LNH markets in Asia.
© 2014 The Canadian Press
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