Royal Dutch Shell PLC and its four partners have agreed to invest in a multibillion-dollar liquefied natural gas project in western Canada — the largest new one of its kind in years that would carve out the fastest route to Asia for North American gas.

LNG Canada — comprised of Shell, Malaysia's Petroliam Nasional Bhd, Mitsubishi Corp., PetroChina Co. and Korea Gas Corp. — is set to announce a final investment decision on the 40 billion Canadian dollars ($31 billion) project as early as Monday, said people with direct knowledge of the plans, who asked not to be identified because the matter isn't public. The exact timing still hasn't been decided. PetroChina and Korea Gas announced approvals of their share of the investment on Friday. The others partners declined comment.

The project marks a turning point for Canada and the gas industry. Set to be the nation's largest infrastructure project ever, LNG Canada augurs a new wave of investments for major gas export projects after a three-year hiatus forced by a global supply glut. LNG Canada will be able to send cargoes from Kitimat, British Columbia, to Tokyo in about eight days versus 20 days from the U.S. Gulf.