Petronas taking steps to mature Canada LNG project

Petronas, which celebrates its 40th anniversary this year, is evolving from a national oil company into an international NOC, with operations spanning 55 countries and a broad portfolio across the entire upstream value chain.

KUALA LUMPUR: Petronas, through its subsidiary, Pacific NorthWest LNG (PNW LNG), is proactively taking steps to mature its Canadian liquefied natural gas (LNG) project towards its final investment decision.

Responding to recent media reports on the status of the project, Petronas said the Canadian environmental impact assessment process for the PNW LNG project was still ongoing.

A final report would be produced by the relevant agency to be submitted to the Canadian government for approval, Petronas said in a statement on Wedneday.

The national oil corporation also said it would review the final report with project shareholders and evaluate conditions attached to the report to further determine their impact on overall cost structure and project schedule.

"The outcome, reviewed together with the LNG market outlook and overall project commerciality, would be used to develop the proposal for an investment decision to be considered by PNW LNG shareholders," the statement added. - Bernama