Petrox joins LNG joint venture

Petrox Resources Corp. has entered into a co-operation framework agreement with Qingdao Sinoenergy Corp. of China and Asiafic Clean Energy Ltd of Hong Kong.

The company’s will establish an Alberta joint venture company, Gascana AB Energy Ltd. The joint venture will aim to construct a LNG liquefaction plant in Alberta with a daily production capacity of 2950 t. Asiafic is a wholly owned subsidiary of Qingdao Sinoenergy.

Petrox Resources Corp. will initially have a 10% equity interest in the joint venture and will be responsible for the implementation of the project, including obtaining the necessary regulatory approvals for the construction of the LNG plant, obtaining utility supplies, and other project planning and development activities. Asiafic will have 90% equity interest in the joint venture and will be responsible for obtaining the upstream natural gas supply and purchasing the land for the plant. Gascana AB will be responsible for the construction of the plant, applications to related authorities and engineering design of the plant.

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquefaction/19062014/petrox_joins_lng_joint_venture_804/