Malaysia’s State-Owned Petronas Secures LNG Deal with British Columbia

The Globe and Mail reported today that Petronas CEO Shamsul Azhar Abbas and B.C. Premier Christy Clark have signed a letter of intent regarding a liquified natural gas project in British Columbia. The deal is part of Clark’s goal to enhance trade relationships between Asia and the province.

As quoted in the publication:

A joint venture led by Petronas plans to make a final investment decision by the end of 2014 on whether to forge ahead with multibillion-dollar plans to transport northeast B.C. natural gas to a proposed LNG export terminal on Lelu Island, located near Prince Rupert in northwestern British Columbia. Petronas will hold a 62-per-cent stake in the Pacific NorthWest LNG project after China’s state-owned Sinopec joins the joint venture. Sinopec and three others will have a combined 38-per-cent interest. Those others are India’s state-run Indian Oil Corp. Ltd., Japan Petroleum Exploration and Petroleum Brunei.

Click here to read the full Globe and Mail article.