Pacific NorthWest LNG Project Receives Conditional Approval from Petronas-led Group

The Globe and Mail reported that a Petronas-led group has given conditional approval to move ahead with plans to export liquefied natural gas through the Pacific NorthWest LNG joint venture.

As quoted in the market news:

State-owned Petronas and its Asian partners said Thursday that the Pacific NorthWest LNG joint venture will proceed, subject to the completion this fall of a federal environmental assessment of the terminal to be built near Prince Rupert in northern British Columbia.

“The Final Investment Decision will be confirmed by the partners of PNW LNG once two outstanding foundational conditions have been resolved,” the consortium said Thursday. “The first condition is approval of the Project Development Agreement by the Legislative Assembly of British Columbia, and the second is a positive regulatory decision on Pacific NorthWest LNG’s environmental assessment by the Government of Canada.”

The Canadian Environmental Assessment Agency (CEAA) launched its review of Pacific NorthWest LNG in April, 2013, but has halted the process several times since then because the regulator sought more information from the proponent.

The federal agency temporarily stopped the regulatory clock most recently on June 2 because it wanted Pacific NorthWest LNG to provide more details on the predicted effects of building the export terminal on Lelu Island, near an area called Flora Bank.

Click here to read the full The Globe and Mail report.