By The Canadian Press
U.S. energy firm Apache Corp. says it’s exiting the Kitimat, B.C., LNG project, which it had been developing with Chevron Corp.
Houston-based Apache also plans to get rid of its interest in another major liquefied natural gas project in Australia.
Apache made the announcement with its second-quarter financial report.
The Kitimat LNG project is furthest along in the development process of any of the proposed natural gas export facilities planned for Canada’s West Coast.
Apache has been under pressure from New York hedge fund Jana Partners LLC, an activist investor, to sell assets.
READ: Bloomberg analysis of Apache decision to pull out of Kitimat LNG
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Good to see the Americans coming to their senses, they see the battle coming in British Columbia, and sounds like their investors have as many brains as they do $$.
Andrew. What does this have to do with winter? We have plenty of gas for domestic use. This Ill conceived plan has everything to do with export and increasing production to meet the needs of foreign firms. If anything the Liberals export plan will INCREASE your gas cost. THINK ABOUT THAT THIS WINTER.
Every one of these LNG / Bitumen pipelines and ports will increase our cost for fuel at the pumps… these corporations won’t pay for them,we will. They don’t like to spend their profit on expansion.
First rat to leave the ship. Let’s hope this puppy is sinking.
Bear that in mind during the winters.
All the more LNG for domestic use.