'Shell And Mitsubishi Corp Are Exploring Potential Sales Of Stakes In LNG Canada; Shell Has Marketed As Much As 75% Of Its LNG Canada Holding To Buyers In Recent Weeks; Mitsubishi Has Hired RBC Capital Markets To Study A Possible Sale Involving Its Stake Later This Year' - Reuters Exclusive

• Shell sounding out buyer interest for up to 30% stake in LNG Canada, sources say
• Cost to buyer could be as much as $15 billion including all commitments, one source estimates
• Mitsubishi in early stages of exploring options for its 15% stake, sources say
• LNG Canada Phase 1 operational since June; only major North America Pacific Coast LNG export facility online

HOUSTON/NEW YORK/LONDON, Jan 16 (Reuters) - Oil major Shell SHEL.L and Japanese conglomerate Mitsubishi Corp 8058.T are exploring sale options for their respective stakes in the C$40 billion ($28.8 billion) LNG Canada project, three sources familiar with the matter told Reuters.

The moves come as owners of the massive liquefied natural gas facility weigh a potential expansion, and after another stakeholder, Petronas, successfully offloaded a piece of the project.

Shell, the largest owner with a 40% stake in LNG Canada, has been working with investment bankers at Rothschild & Co to sound out interested parties in recent weeks, said two of the sources. Two sources added that Shell could offload as much as three-quarters of its holding, or 30% of the project. Shell has expressed willingness, however, to consider different options relating to its exposure to the project's Phase 1, which is operational, and the proposed Phase 2, given their different risks.

One of the sources estimated that any buyer for Shell's stake could be committing roughly $15 billion, inclusive of the equity stake, debt and capital requirements for Phase 2.