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Japex takes stake in Canadian natural gas projects

Keywords: Tags  Japex, LNG, natural gas, Petronas, Pacific Northwest, North Montney

NEW YORK — Tokyo-based energy company Japan Petroleum Exploration Co. Ltd. (Japex) has agreed to acquire a stake in two natural gas projects in Canada from Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) .

The deal includes a 10 percent stake in a natural gas project in North Montney, British Columbia and a 10 percent stake in Pacific NorthWest LNG’s proposed liquefied natural gas (LNG) liquefication and export facility on Lelu Island, British Columbia.

Japex has committed to offtake 1.2 million tonnes per year of LNG from the latter project which is expected to produce up to 12 million tonnes of LNG per year following startup in 2018.

“Japex believes that importing natural gas as LNG from Canada ... will help diversify Japan’s LNG import, contributing to improve energy supply of Japan,” the company said.

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