Malaysia’s Petronas Kills C$11.4B B.C. LNG Project

Malaysia's Petronas has cancelled plans for a C$11.4-billion liquefied natural gas (LNG) terminal planned for Lelu Island near Prince Rupert, British Columbia. The move to scrap the Pacific NorthWest LNG plant came after five years of study and debate among politicians, environmentalists, and First Nations. Petronas and its partners spent $C400 million prepping the site and approximately C$2 billion a year drilling for natural gas on lands in B.C. it acquired for C$5.5 billion in 2012. Petronas said the recent change in government in B.C. did not factor into the decision and instead cited unfavourable market conditions as the reason for the project cancellation.

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