Chevron Wants Out of Kitimat LNG

Chevron logo

CBJ — American energy giant Chevron wants to sell its 50% ownership stake in the Kitimat LNG Project in British Columbia.

The company is looking to cut spending on investments due to expected long-term lower prices for oil and natural gas, which lessens the value of the asset.

The decision by Chevron to get out of the Kitimat LNG Project has no impact on other assets here in Canada.

A barrel of oil is currently selling for about $59.

@CanBizJournal

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