Petronas formally cancels Pacific Northwest LNG project in Canadian province of British Columbia
Malaysian energy company Petronas, one of the world’s leading LNG operators, has formally cancelled its planned US$27-billion Pacific Northwest Project in the Canadian province of British Columbia as had been expected for many months.
CEO who built up shale-gas assets for Canadian Pacific Northwest LNG project to step down
Pacific Northwest LNG Chief Executive Michael Culbert, who lined up more than 60 trillion cubic feet of resources for the project, is stepping down from his roles with Petronas, including his post as CEO of Progress Energy, the Canadian company acquired by the Malaysians five years ago for its shale-gas assets.
Petronas seeks to divest stakes in Northwest LNG
Spiralling costs of over $36 billion Canadian dollars (US$ 33.1bn) to develop the Pacific Northwest LNG project have pushed Malaysia's state-run Petronas to offer stakes in the mega project to four potential partners from Japan and the Middle East. The aim is to raise as much as $15 billion in what would be Canada's biggest ever debt-financing deal.
