Calgary-based natural gas producer, Encana, will acquire a 30% stake in Kitimat LNG’s planned $2.9 billion liquefied-natural-gas export facility in British Columbia, The Wall Street Journal reports. The financial details of the transaction have not been disclosed. Apache, which initially had a 51% stake in the facility, will sell 11% of its equity to Encana. EOG Resources, which held a 49% stake in the project, will sell 19% stake. The operations at the facility are expected to start in 2015.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.