Tuesday, March 3, 2015

Petronas puts a mark on the Calendar for end of June for a Final Investment Decision

Residents of Northwest British Columbia will have to wait a few more months before they learn the fate of the proposed LNG terminal on Lelu Island, as Petronas circles the month of June as to when they will feel confident when it comes to making a Final Investment decision in their project.

On Monday, the National Post outlined that the Malaysian energy company is targeting sometime in June for its next statement on the proposed near 14 billion dollar project

From start to finish, the article offers no indication one way or another, as to which way the company may be leaning when it comes to the much anticipated terminal proposal for the region.

And while they put together their review for June, some of those considerations may involve the level
of success that they have in divesting themselves of another 10 to 12 percent in the project.

A Malaysian newspaper, the Sun Daily outlined the financial goals of Petronas when it comes to their Canadian investment, with the newspaper reporting that Petronas is looking to reduce its interest in the project from its current level of 62 percent down to 50 percent.

Towards that goal, according to the paper, they are in discussion with another Chinese party which has expressed some interest in the project.

In the same article, outgoing President Shamsul Azhar Abbas also reviewed the timeline for the company's Final Investment plans, outlining that with current uncertainties, the group will not rush its final investment decision, suggesting that the end of June is within the time frame for the project.

You can review the full article from the Malaysian newspaper here.

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

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