Could Petronas’ RM109b project fall at final hurdle?

comments     TigerTalk     Published     Updated

KINIBIZ It looks like after a long wait, Petronas’ troubled RM109 billion Canadian liquefied natural gas (LNG) project is finally set to take off. Or is it?

Pacific NorthWest LNG, the Canadian joint-venture company that is majority owned by Petronas, has given the green light for this massive project to go ahead, only if two outstanding matters can be resolved.

These two conditions, both environment related, are two very big “ifs” for Petronas in one of the biggest undertakings in the company’s 41-year history. Could the state oil company still fall at the final hurdle?

“The final investment decision will be confirmed by the partners of Pacific NorthWest LNG once two outstanding foundational conditions have been resolved.

“The first condition is the approval of the project development agreement by the legislative assembly of British Columbia, and the second is a positive regulatory decision on Pacific NorthWest LNG’s environmental assessment by the government of Canada,” said Pacific NorthWest in a statement.

Although the statement by Pacific NorthWest is a step forward for the project, it could still technically be derailed due to environmental concerns.

For the full story go to KINIBIZ .

This article was written by Khairul Khalid.



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