KOGAS earmarks $675 mln for subsidiary's investment in Canada LNG project

By Lim Chang-won Posted : October 2, 2018, 17:33 Updated : October 2, 2018, 17:33


SEOUL -- South Korea's state-run company, Korea Gas Corp. (KOGAS), will provide $675 million to its subsidiary for an investment in a multinational project to build a major liquefied natural gas (LNG) terminal in western Canada.

The money will be loaned to Kogas Canada LNG Ltd., KOGAS, a major LNG importer, said in a regulatory filing Tuesday. LNG Canada, a joint venture company comprised of energy companies including Royal Dutch Shell, PETRONAS of Malaysia, PetroChina, Mitsubishi Corp. of Japan and KOGAS, will build and operate an LNG export terminal in Kitimat, British Columbia.

LNG Canada aims to export as much as 26 million tons per year. It would be Canada's largest-ever infrastructure project. Each partner should make an investment decision by the November 30 deadline to get tax breaks and other incentives.
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