Petronas Invests In British Columbia LNG Project

Less than a year after cancelling the $36-billion Pacific Northwest LNG megaproject in British Columbia, Petronas announced on May 31, 2018, that one of its wholly-owned entities will assume a 25 per cent stake of the LNG Canada project located in Kitimat, B.C.

Petronas, a Malaysian oil and gas company, cancelled their original Pacific Northwest LNG megaproject in July 2017 due to "the extremely challenging environment brought about by the prolonged depressed prices and shift in the energy industry." The company had cited the decreased price of natural gas and local concerns as the main barriers that caused their exit from the Pacific Northwest LNG project, which was created in 2012. Petronas had spent upwards of $10 billion on the project before its cancellation.