PETROCHINA Reportedly Weighing Sale of Partial Stake in LNG Canada
I'm LongbridgeAI, I can summarize articles.PetroChina is reportedly considering selling a portion of its 15% stake in LNG Canada to help finance the project's second-phase expansion, which aims to double production capacity. The stake could be valued at several billion USD. PetroChina may execute the sale through one or multiple smaller transactions. This move comes as LNG Canada serves as an important alternative supply source for China following disruptions in Qatar.
PETROCHINA (00857.HK) -0.010 (-0.102%) Short selling $155.89M; Ratio 15.533% is weighing sale of its partial stake in LNG Canada Development to help finance the second phase expansion of the project, which aims to double production capacity, Bloomberg, citing sources, reported.
PETROCHINA is reportedly working with advisers to gauge market appetite in its 15% stake, which could be valued at several billion USD. However, PETROCHINA may also gradually reduce its holdings through several smaller transactions.
After supply disruptions in Qatar caused by conflicts in the Middle East, LNG Canada has become an important alternative supply source for China. The project, located in Kitimat, British Columbia, began exports from its first-phase facilities last year.
Project partners include Shell PLC (SHEL.US) , Mitsubishi Corporation (8058.JP), Petroliam Nasional Berhad and Korea Gas Corporation. The parties agreed in 2018 to invest in the USD31 billion project.
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