04 March 2013 09:19 [Source: ICIS news]
SINGAPORE (ICIS)--Japan Petroleum Exploration (JAPEX) said on Monday it has agreed with PETRONAS to buy a 10% stake in the Malaysian state-controlled energy firm’s liquefied natural gas (LNG) venture and shale gas project in Canada.
Both projects are undertaken by PETRONAS through Progress Energy Canada and its affiliates.
As part of the heads of agreement (HOA), JAPEX will acquire a 10% interest of a shale gas field in North Montney, British Columbia, through a newly established Canadian subsidiary, JAPEX Montney.
It will also acquire a 10% interest in the Pacific Northwest LNG Project, a 12m tonne/year plant to be built in the port of Prince Rupert.
“With participation in this LNG project, JAPEX will be able to secure long-term natural gas import from Canada into Japan,” JAPEX said.
“JAPEX believes that importing natural gas as LNG from Canada, which has ample reserves, will help diversify Japan’s LNG import, contributing to improve [the] energy supply of Japan,” it added.
Financial details of the deal were not disclosed.
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