World News
Petronas LNG Project Attempting to be "First Mover" in Global LNG Race
Malaysian state-owned Petronas is hoping for a breakout year for its Canadian Pacific NorthWest liquefied natural gas (LNG) project as it races against the clock to beat Canadian and global rivals in providing LNG to Asia, reports the Globe and Mail.
The company has already funneled billions of dollars into the project, which it leads along with four Asian partners.
"We're trying to be a first mover and be out in front of these other LNG projects because we know there will be competitive forces," said Pacific NorthWest LNG president Michael Culbert.
It is widely expected that LNG supply is expected to ramp up over the next five years as projects develop in Australia, the United States, and Papua New Guinea.
Pacific NorthWest LNG is also one among a handful of LNG proposals dotting British Columbia's coast.
Petronas however, has come up against hurdles such as rising costs, along with environmental and aboriginal opposition, which also prompted the company and its partners indefinitely delay final investment decisions early last month.
Petronas has also in the past threatened to pull its $10 billion investment in the project after having come up against increasing environmental and regulatory approvals.
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