Chevron contemplating Kitimat LNG stake sale

Chevron contemplating Kitimat LNG stake sale

US energy giant and LNG player, Chevron is reportedly looking to shed its stake in the Kitimat LNG project at Bish Cove near Kitimat, in Canada’s British Colombia.

Sources told Reuters that Chevron is lining up potential buyers among which is the Malaysian energy giant Petronas, however, there is no certainty that the sale will go through.

Chevron is also considering selling the stake to financial investors such as the Canadian pension fund.

Tourmaline Oil Corporation and Seven Generations Energy are looking to secure deals to supply natural gas to the facility, with the latter also interested in acquiring a stake in the project, sources told Reuters.

While the Canadian pension fund would strictly be a cash investment, a deal with the natural gas supplier could be covered through a 20 to 25-year commitment to supply natural gas to the project.

The project, which is a 50/50 joint venture between the Canadian units of Chevron and Woodside Petroleum, already secured a permit to export 10 million tons of LNG per year for a period of 20 years.

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