PETALING JAYA: PETRONAS and its partners have reached a final investment decision on the C$33bil (about RM94.7bil) LNG Canada Phase 2 expansion in British Columbia.
The decision paves the way for the major private-sector investment in the facility in Kitimat, which will double its annual production capacity from 14 million tonnes to 28 million tonnes.
Prime Minister Datuk Seri Anwar Ibrahim welcomed the development, saying the expansion would make LNG Canada one of the world’s largest liquefied natural gas facilities while strengthening energy supplies to international markets.
"Congratulations to the entire PETRONAS team on this achievement," he said in a Facebook post on Wednesday (Sept 30).
Anwar said the national oil and gas company’s ability to undertake large-scale energy projects with international partners also reflected confidence in Malaysia’s expertise and capabilities.
He also thanked Canadian Prime Minister Mark Carney for the support shown to PETRONAS.
"I welcome the prospect of meeting Prime Minister Carney and the Canadian delegation in the future to strengthen our friendship and expand cooperation between Malaysia and Canada," he said.
LNG Canada announced on Monday (Sept 28) that its joint venture participants – Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS – had made the final investment decision on the Phase 2 expansion.
The expansion will include an additional LNG storage tank, condensate tank and loading berth, as well as expanded utility and processing systems.
According to the Canadian Prime Minister’s Office, the C$33bil investment would make LNG Canada the second-largest facility of its kind in the world and create more than 4,000 direct jobs during the construction phase.
LNG Canada is a joint venture comprising Shell Canada with a 40% stake, PETRONAS with 25%, PetroChina and Mitsubishi Corporation with 15% each, and KOGAS with 5%.
