Mitsubishi Gas Chemical invest in shale gas development in Canada

Mitsubishi Gas Chemical to invest in shale gas development in Canada

9:34 AM, 30th December 2014
Mitsubishi Gas Chemical to invest in shale gas development in Canada

TOKYO, JAPAN: Mitsubishi Gas Chemical Company, Inc (MGC) has decided to participate in a shale gas development and production project in British Columbia, Canada and a planned LNG project on the western coast of the same province, both of which are undertaken by Petroliam Nasional Berhad (Petronas).

MGC has also decided to invest in JAPEX Montney Ltd (JML), which is a subsidiary of Japan Petroleum Exploration (JAPEX) and owns a 10 per cent interest of this project, through a newly established Canadian subsidiary, MGC Montney Holdings Ltd (MML).

Through this investment, MGC will acquire a 10 per cent interest of JML, including a commitment to offtake 120 kilo metric tonne per year of LNG (shale gas based Liquefied Natural Gas) which is under contemplation in the western coast of British Columbia, Canada.

Petronas, the operator of this project, has extensive experience in the LNG business and is currently undertaking development, production and sales of natural gas in Canada. Petronas is now planning to transport the gas to the west coast of Canada through pipelines and export it as LNG.

JAPEX has interests of petroleum and natural gas and is operating development, production and sales of them. JAPEX has rich knowledge of and technological strength in energy development. MGC cooperates closely with JAPEX as an energy development partner through the development of the Higashi-niigata and Iwafune-oki oil-gas fields in Japan.

© Worldofchemicals News



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