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Energy

Canada LNG project to ship gas to Asia as early as 2024

Government subsidies for project aim to reduce reliance on US market

A liquefied natural gas tanker floats in port in Zhoushan, in China's Zhejiang Province: The LNG Canada project will ship fuel to PetroChina and other Asian customers.   © Reuters

NEW YORK -- A 40 billion Canadian dollar ($30 billion) project in British Columbia led by Royal Dutch Shell is on track to start exporting liquefied natural gas to Asia as early as 2024, having received a significant financial boost from Canada's federal government.

Ottawa will provide C$275 million in subsidies to help finance the LNG Canada export project, whose partners include Malaysian state-owned oil company Petronas, Japan's Mitsubishi Corp. and two other Asian energy companies.

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