Japan's Mitsubishi to Invest in LNG Project in Canada

Economy

Tokyo, Oct. 3 (Jiji Press)--Mitsubishi Corp. <8058> has announced a plan to invest in a liquefied natural gas development project in western Canada jointly with four other companies including Royal Dutch Shell PLC.

The major Japanese trading house said Tuesday that it will invest some 240 billion yen, or 15 pct of the costs of the project seen totaling 14 billion dollars.

In line with the 15 pct interest, Mitsubishi is set to procure an annual 2.1 million tons of LNG, which will be supplied to Japan and elsewhere.

Under the project, called LNG Canada, a facility with an annual LNG production capacity of 14 million tons will be built on the Pacific coast in Kitimat in the province of British Columbia.

The facility will start producing LNG around the mid-2020s. Production is expected to last for 40 years.

[Copyright The Jiji Press, Ltd.]

Jiji Press