Idemitsu Plans to Secure Canadian LNG

Idemitsu Kosan Co, is planning to venture into the Canadian gas fields by buying stake to secure LNG for Japanese domestic market.

In January, AltaGas Ltd. and Idemitsu Kosan signed an agreement to form the AltaGas Idemitsu Joint Venture Limited Partnership to pursue opportunities involving exports of liquefied petroleum gas (LPG) and liquefied natural gas (LNG) from Canada to Asia. Both parties will each own a 50 percent interest in the venture.

"If there are good stakes in gas fields, we would like to find them in Canada, hoping to bring LNG that is as cheap as possible to Japan," Reuters quoted new President-elect Takashi Tsukioka as saying.

Tsukioka, currently executive vice president, will become Idemitsu president after the shareholders' meeting in June, the company said. Current president, Kazuhisa Nakano, will take the post of chairman, Reuters said.