Malaysia's Petroliam Nasional Berhad (PETRONAS) announced Wednesday that in response to recent press reports on the status of its Canadian liquefied natural gas (LNG) project, the company would like to issue the following statement:
PETRONAS, through its subsidiary Pacific NorthWest LNG (PNW LNG), is proactively taking steps to mature the project towards its Final Investment Decision.
Currently, the Canadian environmental impact assessment process for the PNW LNG project is still ongoing, following which a final report will be produced by the relevant agency to be submitted to the Government of Canada for approval.
PETRONAS, together with the project shareholders, will review the said final report and evaluate conditions attached to the report to further determine their impact on the overall cost structure and schedule of the project.
The outcome, reviewed together with the LNG market outlook and overall project commerciality, will be used to develop the proposal for an investment decision to be considered by the PNW LNG shareholders.
PETRONAS will update with more information as and when necessary.
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