PetroChina Is Said to Mull LNG Canada Stake Sale to Fund Growth

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Or sign-in if you have an account.(Bloomberg) — PetroChina Co. is weighing options to sell part of its shares in LNG Canada Development Inc. to help fund a planned expansion, according to people familiar with the matter.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe Chinese state-owned energy giant is working with an adviser to help gauge interest for its 15% stake, which could be worth a few billion dollars, the people said, who asked not to be identified because the deliberations are private. PetroChina may reduce its holding gradually through several smaller transactions, they added.The discussions are at an early stage and no final decision has been made, the people said. PetroChina and LNG Canada didn’t immediately respond to requests for comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againChina’s largest oil and gas producer plans to use proceeds from the sale to help finance the facility’s second phase, the people said. The expansion, which would double the plant’s output, is gaining urgency as the war involving Iran and the closure of the Strait of Hormuz — a key route for about a fifth of global LNG shipments — leave the market facing a supply crunch.The LNG Canada project has provided an important alternative for China after the Middle East conflict disrupted deliveries from Qatar, which supplied nearly 30% of Chinese LNG imports last year. Cargoes from Canada have partly offset that shortfall, ship-tracking data show.The first phase of the project’s facility in Kitimat, British Columbia, began exports last year, kicking off a wave of new global supply. Its partners — which include Shell Plc, Mitsubishi Corp., Petroliam Nasional Bhd. and Korea Gas Corp. — agreed to invest in the $31 billion project in 2018.Chinese companies are also seeking more LNG from Canada and other producers to reduce their reliance on Persian Gulf supplies and guard against future disruptions, Bloomberg reported earlier this month.—With assistance from Stephen Stapczynski, Ruth Liao and Ocean Hou.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.