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Report: Petronas considers exiting C$36B Pacific NorthWest LNG project

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Report: Petronas considers exiting C$36B Pacific NorthWest LNG project

Malaysian state energy company is weighingthe sale of its majority stake in the C$36 billion Pacific NorthWest LNGproject, Reuters reported Sept. 30, citing "three people familiar with thematter."

The sources said the company has been considering the sale formonths, as environmental concerns delayed government approval and anoversupplied market sent LNG prices down more than 70% in two years, accordingto Reuters.

The Canadian government approved the project on Sept. 27, issuing a list of morethan 190 legally binding conditions to mitigate the project's environmentalimpact. These requirements, along with challenging market conditions, make thecompany's decision to move forward with a final investment decisionchallenging, analysts havesaid.

The Malaysian company, commonly called Petronas, said in astatement following the approval that it would look at the conditions with itspartners and conduct a total review of the project before deciding on nextsteps. The company did not immediately respond to a phone call seeking commenton the report late at night Malaysia time Sept. 30.

The liquefaction and export facility in northern BritishColumbia would be capable of producing 20.5 million tonnes per annum of LNG fromthree trains, according to the federal government's order. It would receivenatural gas from the Montney Shale via a pipeline.