(MENAFN- Kuwait News Agency (KUNA)) A major developer of natural resources Japan Petroleum Exploration Co. (JAPEX) said Monday it has completed the procedures for the participation in a shale gas development and liquefied natural gas (LNG) project in Canada's British Colombia.
Under the preliminary agreement with Malaysian state-owned Petronas reached on March 4, JAPEX has acquired a 10 percent stake in Petronas' shale gas field in the North Montney area in British Columbia, the Tokyo-based company said in a statement.
It also purchased a 10 percent stake in the Pacific Northwest LNG terminal project in the port of Prince Rupert in the same province. The LNG plant, which is expected to start production in 2018, will have an annual capacity of 12 million tons, with JAPEX planning to buy 1.2 million tons a year.
Japan is the world's No. 1 LNG importer, taking in a record 87.3 million tons in 2012. The country's utilities have boosted imports of LNG for thermal power generation following the radiation accident in March 2011 at the Fukushima Daiichi nuclear power plant. Currently, only two of the nation's 50 workable nuclear reactors are online in the wake of the Fukushima crisis.Â
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