Petronas & Partners will not proceed with Pacific Northwest LNG project

KUALA LUMPUR: Petronas and its partners have decided not to proceed with the Pacific NorthWest LNG project at Port Edward in British Columbia, Canada.

The decision was made after a careful and total review of the project amid changes in market conditions.

Petronas' Executive Vice President & Chief Executive Officer Upstream, Anuar Taib said, "We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision."

"We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward," added Anuar.

Petronas' commitment in Canada continues through Progress Energy Canada Ltd and its worldclass inventory of natural gas resources where the subsidiary plays a key role in supporting Petronas' growth strategy in North America. — Bernama