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(Bloomberg) — Canada cleared a C$10 billion ($7.3 billion) floating facility to export liquefied natural gas off its northwest coast as soon as 2028.
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Ksi Lisims LNG — backed by Blackstone Inc.-funded Western LNG, as well as Rockies LNG Partners and the Nisga’a Nation, an Indigenous group that owns the development land — is the first such major project to be approved under Prime Minister Mark Carney. The former central banker has taken a less strict environmental stance than predecessor Justin Trudeau, as he pushes to boost Canada’s economy and reduce its trading reliance on the US.
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If its backers decide to proceed with investment, Ksi Lisims LNG will have a capacity of 12 million metric tons a year. That would make it the second-largest export facility in Canada, after the first phase of LNG Canada — a mega-project backed by Shell Plc that started shipping gas to Asia in June.
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“Ksi Lisims LNG is exactly the kind of development Canada’s new government is championing, advancing and approving,” Energy Minister Tim Hodgson said in a statement on X. “This approval sends a clear signal: Canada is open for business, and committed to the long-term strength of our responsible, low-carbon export and natural gas sectors.”
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Earlier in September, Carney launched a Major Projects Office designed to expedite developments deemed to be in the national interest. The second phase of LNG Canada — which would double its capacity — was on the list of its first five projects.
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Houston-based Western LNG has received financial backing from asset management giant Blackstone. Alberta-based Rockies LNG is a group of Western Canadian energy companies including Birchcliff Energy Ltd, Tourmaline Oil Corp. and Whitecap Resources Inc.
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Representatives for the Nisga’a Nation, Rockies LNG and Western LNG didn’t respond to requests for comment outside of ordinary business hours.
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