06/19/2026
A $22 billion LNG project nobody had heard of showed up in Prince Rupert this week, and one of the world's biggest shipbuilders is behind it.
South Korea's Hanwha Ocean, the company that built the world's first floating LNG platform, has signed on to a proposal by Kanata Clean for an ambitious "energy multiplex" on B.C.'s north coast: liquefied natural gas, hydrogen, and electricity all produced on one site, with carbon dioxide shipped to Alberta to be stored underground. Alberta's Frog Lake First Nation is a majority shareholder.
There's reason for cautious optimism and reason for skepticism. South Korea, the world's third-largest LNG importer, is scrambling for reliable supply after the latest Middle East energy crisis, and Canada is exactly the kind of stable supplier it wants. But Hanwha has been open that its Canadian investments hinge on winning a massive submarine contract with Ottawa. Lose that bid, and the LNG plans may go with it.
Real momentum, or a bargaining chip in a much bigger deal? Worth watching closely.
Energy multiplex would produce LNG, hydrogen and electricity