PETRONAS BC Reprise!

lng-canada-cattaneoHaving given up its bid to lead BC LNG Terminal investments with a mega plant on Lelu  island, PETRONAS seems unwilling to be left out. On the 31st of May  2018 PETRONAS owned Progress Energy announced  that another PETRONAS  wholly-owned entity, the North Montney LNG Limited Partnership (“NMLLP”), “has entered into a Purchase and Sales Agreement for an equity position in the LNG Canada project in Kitimat, British Columbia, Canada”. Pending regulatory approvals and associated agreements, the composition of ownership in this ‘LNG Canada’ project will be PETRONAS (through NMLLP), (25%); Shell Canada Energy, a subsidiary of Royal Dutch Shell plc (“Shell”), (40%); PetroChina Canada Ltd. (15%); Diamond LNG Canada Ltd., a subsidiary of Mitsubishi Corporation, (15%); and Kogas Canada LNG Ltd. (5%).

Before PETRONAS joined this consortium, Chris Newman of Energeticcity.ca, had reported that industry analysts consider the project  to be a long shot. Yet in an even earlier article in Energeticcity.ca (also by Newman), B.C.’s Premier John Horgan, is reported to have said that the project will proceed “It has all of its permits in place, has social license from First Nations in the region, has the support of the community, and is waiting for economic conditions to turn around”.

 

Image: http://vancouversun.com/opinion/columnists/vaughn-palmer-ndp-celebrates-petronas-return-but-lng-canada-hurdles-remain

http://www.progressenergy.com/2018/05/31/petronas-enters-agreement-to-acquire-25-equity-in-lng-canada-project/

https://www.energeticcity.ca/2017/06/horgan-i-support-lng-provided-the-conditions-are-met/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s