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Japanese firm newest member in proposed Petronas LNG project

first_imgLooking to improve its competitiveness, the Japanese chemicals firm MGC hopes to use imported LNG from Canada as feedstock for its plants in Japan.MGC has set up a wholly owned subsidiary to acquire a ten per cent share in Japex Montney, which already holds a ten per cent stake in the $36 billion proposed project led by Malaysia’s state owned oil firm, Petronas.For half a century now, MGC has worked with upstream Japanese firms like Japex in areas of natural gas exploration.- Advertisement -With the $92 million acquisition, MGC is committing to the Pacific Northwest LNG project despite the delay in a final investment decision, largely attributed to the falling price of crude oil.Petronas has 62 per cent of the project – which had an original start up date of late 2018 – and now has other international stakeholders, with interests of 3 – 15 per cent in China, Japan, India and Brunei.last_img read more