Petronas of Malaysia expects to reach the final investment decision on the Pacific NorthWest LNG project by June.
According to the company’s chief executive Shamsul Azhar Abbas, Petronas agreed to farm-out 38% of the project and is in talks with another Chinese party for other 10-12%, without revealing further details, reports Reuters.
He added that the company would prefer to farm-out 50% of the project and revealed that the company could reach the FID on the project by the end of June.
Petronas that had previously postponed the FID due to marginal economics of the project was encouraged by the new tax breaks for LNG introduced by Canadian PM Stephen Harper, and Abbas added that issues with the province of British Columbia have also been resolved.
LNG World News Staff; Image: Pacific NorthWest LNG