Petronas cancels Canadian LNG project

Canada

KUALA LUMPUR, July 26, 2017 – Malaysia’s Petronas announced on Wednesday that it would scrap the Pacific NorthWest LNG project in Canada’s British Columbia.

Officials said the cancellation was prompted by adverse market conditions and Petronas remained committed to developing its natural gas portfolio in Canada.

The company had previously said that it was considering relocating the venture following environmental concerns and protests from local communities.

“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,” said Anuar Taib, the company’s executive vice-president, in a statement.

“We, along with our North Montney joint venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward.”

Read our latest insights on: