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Petronas to Eye New Site in $27 Billion Canada LNG Plan

Source: Bloomberg 12/28/2016, Location: North America

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Malaysia’s Petroliam Nasional Bhd. is seeking to move ahead with a proposed $27 billion liquefied natural gas project in western Canada after identifying a new site for shipping the fuel, a shift that may help reduce costs and quell local opposition.

Petronas’s Pacific NorthWest LNG project would continue as planned with the liquefaction plant on Lelu Island in British Columbia. The company would move the docking facilities to neighboring Ridley Island, where ships would berth to take deliveries of the fuel for export, according to two people familiar with the negotiations.

Such a re-design would eliminate the need for a costly suspension bridge that was part of the original plan and also circumvent an environmentally sensitive marine area that’s been a flash point of controversy.

Petronas and its partners -- China Petrochemical Corp., Japan Petroleum Exploration Co., Indian Oil Corp. and Brunei National Petroleum Co. -- are expected to decide whether or not to proceed with the project in early 2017. The facility would produce as much as 19.2 million metric tons a year of LNG and open up a new trade route for Canadian gas to be shipped to Asia.

“Pacific NorthWest LNG is conducting a total project review over the coming months," spokesman Spencer Sproule said in an e-mail. “During this time, the project is continuing to work with area First Nations, stakeholders and regulators to manage any potential impacts through mitigation measures and design optimization."

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