Thursday, March 10, 2016

Petronas provides statement on status of Lelu Island LNG project

With news stories percolating and scientists writing letters to the Environment Minister, the main investor in the proposed LNG development for Lelu Island has delivered a statement on the status of the Pacific NorthWest LNG project near Port Edward.

And while the statement takes up four very short paragraphs, it probably is more notable for what it doesn't say as to what it does.

For those looking for a strong commitment to carry forward no matter what, the carefully parsed lines will probably prove disappointing, though for those anticipating that Petronas will start a fast trot away from the North Coast, the notes from the Kuala Lumpur head office offer no indication that the company is taking flight just yet.

In the media release from Wednesday, Petronas stated that through its subsidiary Pacific NorthWest LNG it was proactively taking steps to mature the project towards its Financial Investment Decision.

Noting that the project is currently involved in the environmental impact assessment process, the company observed that it will review the final report and evaluate conditions attached to the report to determine the impact on the overall cost structure and schedule of the project.

For those looking for a glimpse into what the company is considering in these final days of the process, the final line of the statement outlines that the outcome of the final report reviewed along with the LNG market outlook and overall project commerciality will be used to develop the proposal for an investment decision which will be considered by Pacific NorthWest LNG shareholders.

An indication that the waiting game for the North Coast will continue a little bit longer, though many observers are suggesting that this is the month that will provide for some definitive word on what the status of the project is going to be.

You can review the full statement here.

For more items related to the Pacific NorthWest LNG file see our archive page here.

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