Petronas to Sell More Stake in PNW LNG Project

Petronas of Malaysia is reportedly in talks with several companies to sell a 10-12 percent stake in the $11 billion Pacific NorthWest LNG (PNW LNG) project in Canada.

“The idea is to reach up to 50 percent. We are in the process and talking to 3-4 companies to take up an additional 10 percent,” Reuters cited Petronas’ Chief Executive Shamsul Azhar Abbas as saying.

“We’re taking our time. If the price is right and there’s a good deal, but there’s no hurry,” he added.

Sinopec recently signed a deal with Petronas to buy a 15 percent stake in the Pacific NorthWest LNG project.

The proposed Pacific NorthWest LNG facility will comprise an initial development of two LNG trains of approximately 6 MTPA each, and a subsequent development of a third train of approximately 6 MTPA.