Petronas pulls out of northwest LNG project

Officials say low prices and shifts in energy industry made the decision necessary.

Pacific NorthWest LNG says it will not be proceeding with the $36-billion liquefied natural gas megaproject it had planned to build in British Columbia.

The consortium says the announcement by Petronas and its partners comes after a careful review of changes in market conditions.

Anuar Taib, executive vice-president and CEO (upstream) for Petronas, says prolonged depressed prices and shifts in the energy industry made the decision necessary.

LNG prices have been hit by a global oversupply as numerous projects have come online, challenging the economics of the development and others that were proposed in the province.

The consortium has already sunk billions into developing the natural gas fields in the B.C. interior, but the project would have required much more investment including an $11.4-billion LNG terminal in Port Edward, B.C.

The project, which secured Prime Minister Justin Trudeau’s approval last year, was proposed as a way to reduce coal use in Asia, but it has also faced criticism for the potential greenhouse gas emissions that would have resulted.

 

(Screenshot of Pacific Northwest LNG website)

Just Posted

Twenty-two percent of Bella Coola residents rely on Food Bank

Demand for Christmas Hampers up by 45 families this year

Site C dam goes ahead, cost estimate now up to $10.7 billion

Premier John Horgan says Christy Clark left him no other choice

Verdict to be delivered December 15 for three on trial in Anahim murders

The fates of Christian Craciun, Andrew Jongbloets, and Serena Rhem (Mack) will be decided on December 15 at 10am.

‘I fell asleep’ admits second mate in Nathan E. Stewart fuel spill

The tug spilled more than 100,000 litres of diesel off B.C.’s northern coast

Northwest’s new MRI hits milestone

Stakeholders celebrate 500th scan of diagnostic imaging device

VIDEO: New series takes in-depth look at sexual harassment in B.C.

Black Press takes a hard look at sexual harassment in B.C.

B.C. dog owners warn about chain collars after puppy almost strangled

Young Rottweiler pup couldn’t breathe after another dog caught tooth on his collar

New 28-space daycare centre to open in Hagensborg in 2018

SD 49 will receive $415,698 to create 28 new spaces at the new Hagensborg Daycare Centre

Accused NYC subway bomber expected to face federal charges

Akayed Ullah, 27, was charged Tuesday with terrorism and weapons related charges

Strategy announced for Indigenous cancer care

Various stakeholders have come together to provide a road map from prevention to survivorship

Environmental groups slam NDP decision to continue with Site C

Construction industry, meanwhile, is cautiously optimistic about how the project will look

B.C. Conservatives applaud Site C decision

B.C. Conservatives happy with government decision to proceed

Hwy. 1 avalanche improvements promise less delays

B.C.’s new remote avalanche-control systems near Revelstoke are ready for avalanche season

2017 word of the year: Feminism

Merriam-Webster’s word of the year for 2017: ‘Feminism’

Most Read