Americas News
Golar and Partner to Buy All LNG From Canadian Plant
LNG shipper Golar LNG Ltd. (Golar) [NASDAQ:GLNG] and its partner, LNG Partners LLC are to buy all the output of the Douglas Channel liquefied natural gas (LNG) project (DC Project) under a new contract with the Canadian export plant's developers, Reuters reports.
The companies said the project's initial production facility will begin producing about 700,000 metric tonnes per annum (mtpa) of LNG in the second quarter of 2015.
Financial terms of the contract were not disclosed in the statement issued by Golar.
The DC Project is backed by the Haisla First Nation and Douglas Channel Gas Services Ltd. and is one of three LNG projects planned for Kitimat and five planned for the British Columbian West Coast.
Another project, Chevron-backed Kitimit LNG, recently received approval from the Canadian government.
Analysts say Golar is poised to make record profits this year and, as more LNG projects come online, to benefit from increased traffic in LNG transport in the coming years.
