Malaysiaâ€™s state-owned Petronas says it is committed to building a British Columbia terminal to export liquefied natural gas, despite volatile energy markets and doubts from some analysts.
Petronas leads the Pacific NorthWest LNG consortium that wants to construct the $11.4-billion export terminal on Lelu Island on British Columbiaâ€™s North Coast.
Under a deal reached in May a Petronas-led consortium signed up for the construction of the Pacific NorthWest LNG project to be built near Prince Rupert in BC.
The terminal would be the receiving point for gas delivered by pipeline.
Petronas executive vice-president Wee Yiaw Hin issued a statement last week, after a series of analysts warned over the past six months that weak LNG prices in Asia and other issues could delay the project by months, if not years.
â€œPetronas would like to reaffirm its commitment to deliver long-term LNG supply to its customers through the Pacific NorthWest LNG project in Canada, despite the current market volatility for oil and gas,â€ said Mr. Wee, who is also chairman of Pacific NorthWest LNG. â€œTogether with its partners, Petronas is ready to proceed with the project on the condition that it receives the remaining regulatory approval from the Canadian Environmental Assessment Agency [CEAA].â€