LNG Canada Phase 2 Expansion

planned

LNG Canada has reached an agreement with five First Nations in northern British Columbia, giving them the option to invest up to $1 billion in the project's proposed second phase. The agreement involves MNT Investments LP, which includes development organizations from the Gitga’at, Gitxaała, Haisla, Kitselas, and Kitsumkalum First Nations. MNT would be able to buy a majority stake in a special-purpose entity that would purchase a storage tank to be built as part of LNG Canada's second phase. The tank would then be leased back to LNG Canada for the duration of the project's operation in Kitimat, B.C. LNG Canada, led by Shell Canada alongside four Asian companies, aims to make a final investment decision by year-end on an expansion project that would double the current plant’s planned output. The equity option agreement with the First Nations is conditional on the partners approving Phase 2, which has been referred to the federal major projects office.