Germany-Canada, gas agreement/ Floating export structure worth $10 billion ready
Canada will announce a deal to supply Germany with liquefied natural gas from a planned export facility off the coast of British Columbia. The gas will be transported from the Ksi Lisims project, a $10 billion floating export facility that has already received regulatory approval, the sources said, speaking on condition of anonymity because the matter is still private.
The project has not yet made a final investment decision to begin construction. The investor group is planning a facility capable of producing 12 million tons of liquefied natural gas per year.
European countries are actively seeking a reliable supply of gas to replace flows from Russia and the Middle East, which have been cut off by war. According to the Canadian project leader, we could be that reliable supplier that won’t use energy for coercion. This could eventually take the form of transporting LNG via Canada’s east coast, or Hudson Bay to the north, but in the short term, we have huge increases in supply coming from the west coast.
He stressed that it makes sense for Canada and Europe to become closer partners in energy at a time when global superpowers are seeking to use trade as a tool of geopolitical coercion.
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