Chevron to buy stake in Kitimat LNG project

Mon Dec 24, 2012 9:22am EST

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Dec 24 (Reuters) - Chevron Corp's Canada unit will buy a 50 percent stake in the Kitimat liquefied natural gas project and the proposed Pacific Trail Pipeline (PTP) from EOG Resources Inc and Encana Corp.

Chevron Canada and a unit of Apache Corp will hold 50 percent stakes in both the Kitimat LNG project and PTP as part of the deal. Chevron Canada will operate the LNG plant.

"It (Kitmat) is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025," said George Kirkland, vice chairman, Chevron Corp.

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