Petronas/Progress Energy looks for more partners for Northwest LNG project

One of the major developers of an LNG Terminal for the North Coast is seeking more partners for their project, with Petronas/Progress offering up to half of the Pacific Northwest LNG Project up for bid.

The Globe and Mail outlined the nature of their call for interest, which has the energy giant currently negotiating with potential investors to climb on board the development.

Earlier this year Petronas secured an investment deal with Japan Petroleum Exploration, which picked up a ten percent share in the project.

The Malaysian based company is looking to put together similar deals with other Asian investors, making for clients to share in the development cost and secure markets for delivery of supply.

The Globe article also examines the current state of the speculation on the North Coast as to how many terminals may eventually develop in the region, once all the jockeying for position of the major players has come to an end.

Of the six or so projects currently being mentioned in the Northwest, the consensus at the moment appears to be that only two or three will eventually get the green light to go ahead.

You can review the Globe article here.

There are more items of interest on the development of the Northwest LNG industry in our LNG archives.