Encana To Buy Stake In $2.9B Gas Project

Calgary-based natural gas producer,Encana, will acquire a 30% stake inKitimat LNG’s planned $2.9 billion liquefied-natural-gas export facility in British Columbia,The Wall Street Journalreports. The financial details of the transaction have not been disclosed.

Apache, whichinitially had a 51% stake in the facility, will sell 11% of its equity to Encana.EOG Resources, which helda 49% stake in the project, will sell 19% stake. The operations at the facility are expected to start in 2015.

Click here for the story fromThe Wall Street Journal.

Click here for the additional coverage fromReuters.