Latest Headlines
Home / News / Sources say Petronas looking at options to sell stake in Pacific NorthWest LNG

Sources say Petronas looking at options to sell stake in Pacific NorthWest LNG

There are reports that Petronas may be exiting the Pacific NorthWest LNG project.

A report by Thompson Reuters says anonymous sources close to the company have revealed the Malaysian state oil company wants to sell its $27-billion majority stake.

It points to LNG prices that have fallen over 70% in the last couple of years, as well as cost-cutting within the company due to a decline in crude oil prices as reasons for an exit.

According to the report, Petronas has been considering either an exit or a freeze on the project for several months.

The federal government conditionally approved the project on Tuesday, along with 190 binding conditions.

Earlier this year, a consortium led by Shell indefinitely delayed the LNG Canada project slated for Kitimat.

About Gene Law

Leave a Reply

%d bloggers like this: