KUALA LUMPUR, May 31 (Xinhua) -- Malaysia's state-owned oil firm Petroliam Nasional Bhd (Petronas) said Thursday it is buying a 25 percent stake in a liquefied natural gas (LNG) project in Canada.
Petronas said in a statement that its wholly-owned entity, the North Montney LNG Limited Partnership (NMLLP), has entered into a purchase and sales agreement for a 25 percent stake in the LNG Canada project in Kitimat, British Columbia, Canada.
The transaction is expected to complete in the next few months.
Petronas president and chief executive officer Wan Zulkiflee Wan Ariffin said the acquisition will enhance the group's business intent to develop its world-class natural gas resource in the North Montney, northeast British Columbia through its wholly-owned subsidiary, Progress Energy Canada Ltd.
The proposed project includes the design, construction and operation of a gas liquefaction plant and facilities for the storage and export of LNG, including marine facilities.
The plant will initially consist of two world-scale LNG processing units referred to as "trains," with an option to expand the project in the future to four trains.
Canada is Petronas' second largest resource holder after Malaysia, with vast unconventional gas and oil resources in the North Montney.