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Tuesday, January 29, 2013

Japan's Idemitsu, Canada's AltaGas to ship LNG to Asia, (TSE: ALA.TO)

Idemitsu Kosan Co , Japan's No. 3 oil refiner, said on Tuesday it will form a partnership with Canada's AltaGas Ltd to export liquefied natural gas and liquefied petroleum gas to Asia, starting as early as 2017.Idemitsu and AltaGas will have equal stakes in the partnership, Idemitsu said in a statement. The companies will start feasibility studies for the construction and development of a gas liquefaction facility in Canada and they expect them to be completed by 2014.The project is the latest of several LNG-export plants planned for Canada's Pacific Coast. They will be fed by natural gas from British Columbia's massive shale-gas fields."We're a company that has a lot of experience in working with producers in the (region)" said Debbie Stein, AltaGas's chief financial officer. "We'll be looking to work with producers to provide gas supply" for the plant.

AltaGas Ltd. ( AltaGas) is a diversified energy infrastructure business with a focus on natural gas, power and regulated utilities. Shares of ALA traded higher by 1.16% or $0.405/share to $35.26. In the past year, the shares have traded as low as $27.46 and as high as $34.98. On average, 177949 shares of ALA.TO exchange hands on a given day and today's volume is recorded at 155013.