International Business & Economy The collapse of Petronas Pacific Northwest LNG project

The collapse of Petronas Pacific Northwest LNG project




- Advertisement -

While the Malaysian energy company said it remains committed to developing its gas assets in Canada, Petronas announced yesterday it has, along with its partners, decided not to proceed with the Pacific NorthWest LNG project at Port Edward in British Columbia in Canada.

“The decision was made after a careful and total review of the project amid changes in market conditions,” said the company in a media release late last night.

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.

- Advertisement -

The Malaysian state-owned energy company were to invest massively in the proposed US$29 billion LNG project in western Canada.

It is a blow to Canada’s ambitions to become a global LNG player but years of delay due to collapsing prices were expected said experts.

However, Petronas said its commitment in Canada continues through Progress Energy Canada Ltd and its world-class inventory of natural gas resources where the subsidiary plays a key role in supporting the Malaysian company’s growth strategy in North America.

- Advertisement -

Woman who crosses racial boundaries to comfort man seeks validation online

Singapore -- A young woman has taken to NUSWhispers to seek validation after she comforts a stranger on the train by hugging him. In her submission, which was posted on Saturday (Jan 16) and has garnered almost 1,000 reactions, the 23-year-old Chinese...

Viral video: Dog without leash gets chased by owner at intersection

Singapore – A video of an owner chasing her unleashed dog at an intersection with the dog almost getting run over by a lorry and the owner falling over in her attempt, has gone viral online. On Wednesday (Jan 20), Facebook page...

Domestic worker accused of abusing elderly woman in wheelchair

Singapore -- A netizen who saw a domestic worker abusing an elderly woman in a wheelchair has posted a photo of them in the hopes of reaching out to the latter's family. In a Facebook post on Sunday (Jan 17) that has...