Rio Tinto (RIO) partners with LNG Canada to help create B.C. port facility

Stockhouse Editorial
1 Comment| February 12, 2014


London-based resources giant Rio Tinto (NYSE:RIO, Stock Forum) has announced a deal that may bring a significant liquefied natural gas industry to British Columbia’s marine ports.
 
The company has “entered into an option agreement with LNG Canada, a joint venture comprising Shell Canada Energy (NYSE:RDS.B, Stock Forum), Phoenix Energy Holdings Limited (an affiliate of Petro-China Investment (NYSE:PTR, Stock Forum)), Kogas Canada LNG Ltd. (an affiliate of Korea Gas Corporation) and Diamond LNG Canada Ltd. (an affiliate of Mitsubishi Corporation (OTO:MSBHF, Stock Forum)) to acquire or lease a wharf and associated land at its port facility at Kitimat, British Columbia, Canada.”
 
Sam Walsh, CEO of Rio Tinto, said the deal enabled his company “to share one of the best deep water ports on the western seaboard of the country.”
 
“This innovative approach will provide an expanded gateway for Canadian resources to worldwide markets which has the potential to benefit the communities and economy of British Columbia," he stated.
 
According to a news release, LNG Canada is proposing to construct and operate a natural gas liquefaction plant and marine terminal export facility at the Rio property.
 
The financial side of the agreement has not been publicly disclosed.


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Horsey7
All this and the Northern Gateway Pipeline eh? I imagine they will have to install street lights on the inside passage as this sounds like a lot of tanker/ship traffic!!! Good luck!
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February 12, 2014
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