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LNG Canada announced on Tuesday an equity option agreement with MNT Investments, a limited partnership of the economic development organizations of five First Nations neighboring LNG Canada’s operations: Gitga’at First Nation, Gitxaała Nation, Haisla Nation, Kitselas First Nation, and Kitsumkalum.
According to the JV, the agreement provides MNT Investments the opportunity to invest up to C$1 billion to acquire a majority equity ownership interest in a special purpose entity that would purchase the planned LNG storage tank to be built as part of LNG Canada’s proposed Phase 2 expansion. T
The assets would then be leased back to LNG Canada for the operational life of the project.
LNG Canada would continue to operate and maintain the facility, tank, and associated infrastructure.
“The transaction would represent one of the largest Indigenous ownership positions in major Canadian infrastructure and a significant Indigenous investment in Canada’s LNG sector,” the JV said.
The equity option agreement is conditional on LNG Canada’s JVPs approving their proposed Phase 2 expansion in Kitimat, British Columbia, in the traditional territory of the Haisla Nation.
LNG Canada and its JVPs continue to explore pathways for a potential Phase 2 expansion, which may include the construction of two additional LNG trains and increase the total plant capacity to up to 30 million tonnes per annum, it said.
LNG Canada confirmed that a final investment decision for Phase 2 is being targeted by the end of 2026.
More than 100 cargoes
The JV noted that it has shipped over 100 LNG cargoes since operations began on June 30, 2025.
Shell and its partners started production at the first liquefaction train in June 2025.
In November last year, the partners launched the second liquefaction train at the 14 mtpa LNG export plant in Kitimat.
LNG Canada announced the departure of the 25th cargo during the same month. The facility shipped the 50th cargo in February this year.
At 40 percent, Shell has the largest working interest in the LNG Canada JV.
MidOcean Energy, the LNG unit of US-based energy investor EIG, completed its deal to buy a 20 percent interest in Petronas’ entities in Canada, including a stake in the LNG Canada project, in December last year.
Besides Petronas and MidOocean, other partners include PetroChina, Mitsubishi Corporation, and Kogas.
