Pacific NorthWest LNG today announced that the LNG project in Port Edward, British Columbia will not proceed as previously planned.
The decision was made by PETRONAS and its partners after a careful and total review of the project amid changes in market conditions.
“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” Anuar Taib, Chairman of the Pacific NorthWest LNG Board, said. “PETRONAS and its North Montney Joint Venture partners remain committed to developing their significant natural gas assets in Canada and will continue to explore all options as part of its long-term investment strategy moving forward,” added Anuar.
TransCanada’s Prince Rupert Gas Transmission Project was to deliver natural gas for the project. According to Karl Johannson, the company’s executive vice-president and president, Canada and Mexico natural gas pipelines and energy, TransCanada remains committed to completing the Prince Rupert Gas Transmission Project.
“This important project is backed by independent 20-year commercial service agreements with 11 shippers (including Progress Energy), and pending regulatory approvals, we remain ready to move forward,” Johannson said.