Royal Dutch Shell Plc's proposed LNG Canada liquefied natural gas export plant in British Columbia tiptoed closer to reality on Wednesday, with the company signing a formalized partnership agreement with its three Asian partners, nudging the project into the next stage of development.Shell also boosted its stake in the project to 50 percent from 40 percent, while PetroChina retains its 20 percent interest. Mitsubishi Corp and Kogas will each take a 15 percent interest, down from their former 20 percent share.With the initial technical work complete, the partners said they will now move ahead with the detailed engineering and design work, along with an ongoing environmental assessment and consultation work."It's important to note that today is not yet the final investment decision to construct the project," LNG Canada chief executive Andy Calitz told reporters. "We have a number of uncertainties to overcome and work to do."
Shares of RDS-B traded higher by 3.44% or $2.81/share to $84.58. In the past year, the shares have traded as low as $65.02 and as high as $81.89. On average, 712463 shares of RDS-B exchange hands on a given day and today's volume is recorded at 1876306.
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