Wednesday, June 10, 2015

Vancouver discussions this week could bring Conditional Investment Decision for Pacific NorthWest LNG project

Sometime over the next forty eight hours, officials of the Malaysian Energy giant Petronas may provide some direction as to their plans for the Pacific NorthWest LNG project proposed for the Lelu Island area.

That at least is the indication coming out of Malaysia these last few days, with discussions related to the project set to take place in Vancouver.

As the Globe and Mail's Brent Jang outlines in an updated article of today, Petronas Vice President Dato' Wee Yiaw Hin, is reportedly on his way to Vancouver for meetings Thursday and Friday.

The pending arrival of the Petronas VP who also serves as the Chiarman of Pacific Northwest LNG, indicates that the timeline on information is still on track for the energy giant.

As we outlined on the blog in May, after the company and BC Government reached a framework agreement on the project, Petronas officials indicated that they would be moving quickly to deliver a conditional Final Investment Decision, suggesting that the decision could come in a matter of weeks.

A pair of overviews of the Proposed LNG terminal
facility for Lelu Island near Port Edward
(From Pacific NorthWest LNG website)
Thursday or Friday would fit those time parameters quite well and an announcement of conditional approval for the project would be received with enthusiasm by the BC Liberal government which is looking to see some of its LNG strategy show some results.

While the prospect of some kind of a conditional announcement will no doubt be welcomed by the
Premier and those in the Northwest looking for some forward momentum when it comes to LNG.

When it comes to the many proposed developments for the area, a conditional framework is still not a shovel in the ground, nor is it the green light required to deliver the vast sums of money that the development will require to get off the ground.

As has been noted in recent weeks, the key issues of the CEAA process which has currently come to a stop pending more information from the energy company and ongoing concerns of First Nations, particularly those of the Lax Kw'alaams community will need to be addressed before conditional becomes firm.

Something that the Petronas VP may address, should there be an announcement related to the project following the Vancouver discussions.

Still, for many around the region, the fact that Petronas is still talking about Lelu Island as a working project will be enough for now to keep those LNG ambitions on the hopeful side and continue to stir the pot of speculation currently popular in the region.

For more background on the Pacific NorthWest LNG proposal see our archive page here.

1 comment:

  1. Today's positive LNG announcement is fantastic news for Port Edward and for Prince Rupert. Jobs for everyone, prosperity for both impacted municipalities, and cash, land and jobs for First Nations.