LNG Canada Phase 2 First Nations equity option

Canada, a joint venture led by Shell plc with partners Petronas, PetroChina, Mitsubishi Corporation, and Korea Gas Corporation, has reached an equity option agreement with MNT Investments LP, a limited partnership comprising economic development organizations of five First Nations: Gitga'at, Gitxaała, Haisla, Kitselas, and Kitsumkalum. The agreement allows MNT Investments to invest up to C$1 billion (US$711 million) to acquire a majority equity stake in a special-purpose entity that will own a new LNG storage tank to be built as part of Canada's Phase 2 expansion in Kitimat, Canada — British Columbia. The tank, with a capacity of 225,000 m³, will be leased back to Canada for the facility's operational life. The equity option is conditional on a positive final investment decision for Phase 2, targeted by end of 2026, and subject to joint venture participant approval. Phase 2 would add two processing trains, doubling capacity to up to 30 million tonnes per annum. The project has gained momentum with Fluor Corporation receiving limited notice to proceed in June 2026, and the Canadian and Canada — British Columbia governments signing a cooperative prosperity agreement on July 2, 2026 to accelerate major projects. Canada began operations in June 2025 and has shipped over 100 LNG cargoes.