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The Chinese state-owned energy company is in the early stages of gauging interest in its 15 per cent stake. A sale would help finance the second phase of the liquefied natural gas export facility in Kitimat, B.C., which began shipping the product to Asia last year. (Bloomberg)
Talking point: The export facility grew in importance after the U.S.-Israeli war in Iran led to the virtual shutdown of the Strait of Hormuz, which is a crucial route for about 20 per cent of global LNG shipments. Before that disruption, China used to get about 30 per cent of its LNG imports from Qatar. LNG Canada has been ramping up exports to fill some of that gap. Citing unidentified sources, Bloomberg reported that PetroChina would put proceeds from any sale to the proposed $33-billion expansion, which would double output at LNG Canada. The federal government referred LNG Canada Phase 2 to the Major Projects Office last September.
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