By Ian Bickis and Aleksandra Sagan, The Canadian Press, July 25, 2017
Natural gas company pulls plug on B.C. LNG project
Malaysian national energy giant Petronas and its partners scrapped the Pacific NorthWest LNG megaproject Tuesday, ending months of anticipation on the fate of what would have been one of Canada’s largest private infrastructure investments.
The decision to cancel the development boiled down to simple economics — a world market awash in liquefied natural gas, which has driven down prices, making Pacific NorthWest LNG no longer financially viable, said Anuar Taib, CEO of Petronas’s oil and gas production division.
“Unfortunately for us, we don’t believe we have that mix of where the sweet spot can be hit,” Taib said.