Petronas to Make Final Investment Decision on Canadian LNG Project by December

Petronas is expected to make the final investment decision (FID) on its Canadian liquefied natural gas (LNG) project by December, reports Malaysia Chronicle newspaper.

According to the newspaper, British Columbia Premier Christy Clark and Petronas president and group chief executive officer Tan Sri Shamsul Azhar Abbas signed the letter of intent.

Clark was leading a delegation during an Asian trade mission to Malaysia.

Both sides agreed to assign officials to prepare terms of reference by June 30 and then have a project development agreement in place by November 30, Malaysia Chronicle adds.

Petronas has scaled own its stake in the Pacific NorthWest LNG project and currently holds 62 per cent share. According to the newspaper, the company is in talks to further bring down its holding in the project and is in talks with three or four other potential investors to take up a 10 to 12 per cent stake.

“We may not sell the stake to three or four companies, but just one. We are in no a hurry to close the deal,” Shamsul told the media recently.