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    The Globe and Mail: Petronas CEO warns of 15-year delay to B.C. LNG project

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Summary

The Petronas-led liquefied natural gas venture in British Columbia will be delayed by up to 15 years unless tax and regulatory issues are resolved by month’s end, the chief executive officer at the Malaysian energy giant warns.

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The Globe and Mail: Petronas CEO warns of 15-year delay to B.C. LNG project

The Petronas-led liquefied natural gas venture in British Columbia will be delayed by up to 15 years unless tax and regulatory issues are resolved by month’s end, the chief executive officer at the Malaysian energy giant warns.

Shamsul Azhar Abbas said the next four weeks are crucial, and Kuala Lumpur-based Petronas wants to reach a meeting of minds by Oct. 31 with government officials and regulators.

The Petronas-led Pacific NorthWest LNG joint venture has budgeted $36-billion for its plans to export LNG from the West Coast to Asian buyers by early 2019. The capital spending includes $11-billion for a proposed export terminal on Lelu Island, situated near Prince Rupert in northwestern British Columbia.

“In order to remain competitive, Petronas needs to secure consensus on key principles vital to the success of this project by the end of October,” Mr. Shamsul said in a statement on Monday. “Missing this date will have the impact of having to defer our investments until the next LNG marketing window, anticipated in 10-15 years.” MORE

 

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