Hanwha Ocean and Kanata partner on $15.7 bn floating LNG project in Prince Rupert

South Korea’s shipbuilder Hanwha Ocean and Vancouver‑based Kanata Clean Power & Climate Technologies have signed a non‑binding memorandum of understanding to explore a floating liquefied natural gas (FLNG) export facility near Prince Rupert, British Columbia. The project, estimated at US$15.7 billion, would use modular floating technology to produce up to 12 million tonnes of LNG per year for Asian‑Pacific markets. Hanwha Ocean’s President Philippe Levy highlighted Canada’s “world‑class natural‑gas resources” and the partnership’s potential to supply reliable LNG to the region. Kanata’s CEO Robert Delamar said the partnership brings together expertise in floating infrastructure, shipbuilding and energy systems. Participants include federal, provincial and local governments as well as First Nations with rights and titles in the area; Kanata has offered First Nations the option to obtain up to a 50 % ownership stake, subject to negotiations and approvals. The Prince Rupert Port Authority has said it is not aware of any LNG project on its lands. The proposal remains subject to environmental assessments, regulatory clearances and final commercial agreements before any construction can begin.