Petronas pulls out of northwest LNG project

Officials say low prices and shifts in energy industry made the decision necessary.

Pacific NorthWest LNG says it will not be proceeding with the $36-billion liquefied natural gas megaproject it had planned to build in British Columbia.

The consortium says the announcement by Petronas and its partners comes after a careful review of changes in market conditions.

Anuar Taib, executive vice-president and CEO (upstream) for Petronas, says prolonged depressed prices and shifts in the energy industry made the decision necessary.

LNG prices have been hit by a global oversupply as numerous projects have come online, challenging the economics of the development and others that were proposed in the province.

The consortium has already sunk billions into developing the natural gas fields in the B.C. interior, but the project would have required much more investment including an $11.4-billion LNG terminal in Port Edward, B.C.

The project, which secured Prime Minister Justin Trudeau’s approval last year, was proposed as a way to reduce coal use in Asia, but it has also faced criticism for the potential greenhouse gas emissions that would have resulted.

 

(Screenshot of Pacific Northwest LNG website)

Just Posted

Man in custody linked to Silver Creek property search

Police have not connected arrest to search at Salmon River Road property

Minister announces funding to upgrade Kettle Valley Rail Trail

Kelowna - $500,000 will go towards project that will upgrade Kettle Valley trail

Residents pay tribute to city’s homeless

He was articulate and well-spoken. He was great at self-reflection. He liked watching the Canucks. And more often than not, he lived at the Howard House Men’s Shelter.

Day 2 of RCMP search at Silver Creek residence

Police use backhoe in ongoing search effort at residential/agricultural Salmon River Road property

Kelowna resident hopes to create more with haunted house

Paul Coxe’s haunted house will be on display at 945 Grenfell Road, Friday, Oct. 27

Mixing up local talent and cocktails

The annual Okanagan Spirits Craft Distillery Mixoff takes place in Kelowna in November

B.C. search groups mobilize for missing mushroom picker

Searchers from across the province look for Frances Brown who has been missing since Oct. 14.

Search for missing B.C. man a race against winter weather

David Jeff of Williams Lake was last seen in Kamloops during the chaotic wildfire evacuations

Expanding your creative process at UBCO

Kelowna - Creative Days events will be held at the university Saturday, Oct. 21, and Nov. 18

Exercising her right to fight

Thinking inside the box helped push Geneva Kostashen through cancer treatment

Residents pay tribute to city’s homeless

He was articulate and well-spoken. He was great at self-reflection. He liked watching the Canucks. And more often than not, he lived at the Howard House Men’s Shelter.

Man steals police car, goes for a ‘slow’ ride

Mission RCMP say the motive of the theft is unknown

Dodgers punch ticket to World Series

This will be the first time the Los Angles Dodgers have made it to the World Series since 1988.

Surf group winning the war on plastic bags

The Tofino Co-op will no longer provide plastic bags, following in the footsteps of the Ucluelet location that already made the change earlier this year.

Most Read