B.C. LNG project scrapped due to ‘changes in market conditions’July 26, 2017 9:53 am
The $11.4-billion Pacific NorthWest LNG project approved last year by the federal government will not be going ahead, the company announced July 25.
Petronas and its partners have scrapped plans for the proposed natural gas export facility after careful reviews of the project revealed an alarming change in market conditions.
“We are disappointed by the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” said Anuar Taib, chairman of the PNW LNG board.
The natural gas terminal was to be built in Port Edward on B.C.’s northern coast near Prince Rupert. The terminals would have ship liquefied natural gas to Asia, allowing B.C. gas to trade on the world market.
Categorized in: Western Investor