News of the day: LNG Canada expansion, GDP stalls, interest rate expectations, Northern Shield pipeline, financial crime and more

LNG Canada has secured approval for a C$33 billion expansion, doubling its production capacity in Kitimat, British Columbia. The Phase 2 upgrade will introduce two new liquefaction trains, boosting total export capacity to 28 million tonnes per annum from the current 14 mtpa. Shell, which holds a 40% stake in the joint venture, anticipates generating nearly 6 mtpa of additional LNG from the expansion.

The company aims to commence commercial operations for the early 2030s. The expansion, led by partners Malaysia’s Petronas Chemicals Group, PetroChina, Mitsubishi Corp., and Korea Gas Corp., positions Canada as one of the world's largest LNG exporters. Prime Minister Mark Carney highlighted the C$33 billion investment, making LNG Canada the second-largest facility of its kind globally.