CALGARY — Petronas says its multibillion-dollar investment in B.C. liquefied natural gas could be delayed by at least a decade unless it can “secure consensus” with its government counterparts by the end of October.
The CEO of the Malaysian energy giant issued his statement on the same day the B.C. legislature was set to kick off its new session, which is expected to be dominated by LNG.
Shamsul Abbas says the proposed fiscal package and regulatory pace in Canada threatens the global competitiveness of the Pacific Northwest LNG project.
He says in his company’s last portfolio review exercise, the economics of Pacific Northwest LNG appeared “marginal” and that it would have a “tough time” deciding by the end of this year whether to build it.
He says his company was “encouraged” by discussions it had last week with Premier Christy Clark and Natural Gas Development Minister Rich Coleman.
He also says Petronas will continue to work with Ottawa and federal agencies on ways to advance the regulatory process and clarify the fiscal framework.
