Friday, May 4, 2018

Rumours of Petronas' Kitimat investment plans gain strength, after Energy Minister's slip

Energy Minister Michelle Mungall
has given cause for speculation on a
potential investment in 
Kitimat LNG by Petronas
There's noting official to be found on the Petronas website, but an offhand remark by Energy Minister Michelle Mungall is stoking speculation that the Malaysian Energy giant is about to take an investment share of an LNG Terminal project in Kitimat.

The Minister appears to have gotten out ahead of the Malaysians with an interview with Business in Vancouver where she recounted how the Petronas decision to cancel the Pacific NorthWest LNG project was not related to any BC government initiative.

The Minister's commentary staying to the NDP's main theme on LNG as to how the decision to pull out of the Port Edward project was related to market conditions at the time.

“That wasn’t about government as regulator, or their relationship with First Nations whatsoever,”  ...  “That was purely a pricing issue for them."

She then perked up ears around the world, when she observed that Petronas was still actively seeking opportunities in the province.

 “And to fully emphasize that point, Petronas is now investing in LNG Canada’s project,” 

And with that the energy grapevine began to buzz.

The Ministers comments provided for a number of news items related to the potential investment in the Kitimat project, which make for just the latest of positive signs for the Kitimat-Terrace region when it comes to LNG development.

Mungall says Petronas is "investing" in LNG Canada project
Energy Minister tells Business in Vancouver that Petronas is buying a stake in LNG Canada
Petronas taking stake in LNG Canada: energy minister

We noted the potential interest in the Kitimat project last month, with a look at some comments from  Anuar Taib  the VP and CEO of Upstream development for Petronas, which indicated that the company was still quite interested in the province's energy picture.

So far, neither LNG Canada or Petronas have confirmed if the Malaysian energy giant will join in on the Northwest investment.

More background on the LNG industry in the region can be found on our archive page here.

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