Petronas Plans Huge Canada LNG Investment
Petronas of Malaysia is planning to invest up to $35 billion to develop the Pacific Northwest LNG project in Canada.
Malaysian Prime Minister Najib Razak said at a press conference with Canadian Prime Minister Stephen Harper on Saturday that: “this is a very significant landmark decision by Petronas, done in the wake of our friendly relationship,” Bloomberg reports.
Pacific NorthWest LNG recently applied to the National Energy Board for a license to export up to 19.68 million tonnes of LNG per year for 25 years beginning in 2019.
Pacific NorthWest LNG will be supplied with natural gas sourced primarily from Progress Energy Canada’s assets in northeast British Columbia.
The export project is ultimately owned, through various subsidiaries, by PETRONAS with a 90 per cent interest in the project and JAPEX with the remaining 10 per cent interest.
LNG World News Staff, October 7, 2013; Image: Pacific NorthWest LNG