Malaysia’s Petronas and its partners have opted not to proceed with the Pacific NorthWest LNG project at Port Edward, BC. “The decision was made after a careful and total review of the project amid changes in market conditions,” the company said.
“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” noted Anuar Taib, Petronas executive vice-president and chief executive officer, upstream.
Taib added that the company still remains committed to developing its natural gas assets in Canada, however.
Pacific NorthWest LNG was a proposed LNG export facility to be built on Lelu Island in the district of Port Edward in northwest British Columbia.
Canada gave its approval to Pacific NorthWest LNG last year contingent on 190 legally binding conditions aimed at lessening the project’s environmental impacts (OGJ Online, Sept. 29, 2016).
Pacific Northwest LNG is majority owned by Petronas, Japan Petroleum Export Corp., Petroleum Brunei, Indian Oil Corp., and Sinopec-China Huadian.