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Petronas looking to reinvest in the Northwest
A rendering of the proposed LNG Canada facility in Kitimat. Photo by LNG Canada

Petronas looking to reinvest in the Northwest

After scrapping the $36 billion LNG project in Prince Rupert last month, Petronas is now looking in to investing in to its competitor.

The Malaysian state-owned company is considering a minority stake in the LNG project led by Shell in Kitimat.

An option for this investment includes purchasing the 15 per cent held by Korea Gas Corp (Kogas), as well as utilizing existing pipelines to get natural gas from the properties they own in the North Mountney region to the Gulf Coast.

The investment option is predicted by analysts to not be viable because it would see TransCanada Corp building a $4.7-billion GasLink pipeline from northeastern BC to Kitimat.

Shell owns 50 per cent in the investment, PetroChina Co takes the next largest stake at 20 per cent, and both Kogas and Mitsubishi own 15 per cent. LNG Canada is looking to invest up to $40 billion to construct the export terminal in Kitimat.

LNG Canada is currently employing people to dismantle infrastructure left in Kitimat by previous occupant Methanex Corp, a methanol plant, in order to proceed with the proposed export terminal. LNG Canada also intends to utilize the wharf once utilized for the pulp and paper mill as a dock for LNG tankers.

LNG Canada confirmed in a statement on Monday that it continues to evaluate the project after delaying its final investment decision last year.

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