Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 2 October 2018, 15:46 HKT/SGT
Share:
    

Source: Mitsubishi Corporation
Mitsubishi Corporation Reaches Final Investment Decision on LNG Canada Project

TOKYO, Oct 2, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has taken a final investment decision (FID) on LNG Canada, a major liquefied natural gas (LNG) project in Kitimat, British Columbia, Canada. The project is being developed as a joint venture with Shell, PETRONAS, PetroChina and KOGAS.

LNG Canada respresents one of the most significant energy investment projects in Canadian history. With it's geographical advantage in terms of relative proximity to Asia, this project will be launched through partnerships that incorporate the major LNG consuming countries in Asia. MC's role will be to provide customers in Asia, mainly in Japan, with a new stable supply source of LNG based on abundant natural gas in Canada.

With the shift to a low-carbon society, global demand for natural gas as a major energy source suitable for coexistence with renewable energy and with relatively low environmental impact, is expected to grow steadily, mainly in Asia. Meanwhile, the global LNG market is likely to experience a tightening of supply in the early 2020s due to an increase in the number of LNG consuming countries.

In light of these circumstances, LNG Canada plans to construct a natural gas liquefaction plant at Kitimat. The project will have a combined capacity of 14 million tons per annum (mtpa) and two processing units, with operations slated to commence in the mid-2020s. The total estimated development cost of the plant is about US$14 billion, with MC being responsible for a working interest of 15% of the total cost, and an offtake of over 2.1 million tons of LNG annually.

Under support from the Japanese government through Japan Oil, Gas and Metals National Corporation (JOGMEC), MC is also seeking to build a consistent natural gas value chain from upstream to midstream in Canada by supplying feed gas from the Montney project being developed by MC in British Columbia through participation in Cutbank Ridge Partnership.

MC has been in the LNG business for about 50 years, with experience developing business in Southeast Asia, Australia, Russia, USA and the Middle East. The launch of this project not only allows the company to help expand employment opportunities and economic development in Western Canada, but it is also an opportunity to help make inroads in the development of the LNG business, which has low environmental impact, while at the same time helping to provide a stable supply of energy. This is consistent with MC's aim of simultaneously generating economic, societal and environmental value.


About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Contact:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705


Oct 2, 2018 15:46 HKT/SGT
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058)

Topic: Press release summary
Sectors: Energy
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Multimedia
Plant completion drawing
View Image
 
Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://ph.linkedin.com/company/mitsubishi-corporation

Mitsubishi Corporation
June 12, 2019 14:01 HKT/SGT
Mitsubishi Corporation and Komeda Agree to Business Alliance and Acquisition of Third Party Shares
June 3, 2019 18:05 HKT/SGT
Mitsubishi Corporation to Acquire Additional Shares in TVS Automobile Solutions in India
May 14, 2019 19:01 HKT/SGT
Mitsubishi Corporation: Production Underway at Cameron LNG
Mar 27, 2019 16:55 HKT/SGT
Mitsubishi Corporation Completes Sale of Interest in Gregory Crinum Coking Coal Mine in Australia
Mar 25, 2019 12:08 HKT/SGT
Mitsubishi: Utilizing Lawson's Existing "Reverse" Logistics Network Return Service of Rental Products and Online Purchases "SMARI"
Mar 18, 2019 15:50 HKT/SGT
Mitsubishi Corporation, Chubu Electric Power and HICL Infrastructure Consortium Named Preferred Bidder for Offshore Transmission Asset in the UK
Mar 13, 2019 16:14 HKT/SGT
Nishi Nippon Railroad and Mitsubishi Corporation to Commence Commercial AI-Controlled Bus Transit Services in Fukuoka, Japan
Feb 19, 2019 14:31 HKT/SGT
Mitsubishi Corporation: Gas4Sea Partners and Equinor Signed an LNG Bunkering Agreement
Feb 15, 2019 09:59 HKT/SGT
Mitsubishi Corporation to Invest in UK Energy Technology Company OVO Group
Feb 5, 2019 13:23 HKT/SGT
Mitsubishi Corporation's Financial Results for the Nine Months Ended December 2018
More news >>
 News Alerts
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: