Petronas on Friday reaffirmed its commitment to an $11bn LNG (liquefied natural gas) terminal project in the Canadian province of British Columbia, countering suggestions that economic conditions had given the Malaysian energy giant cold feet, according to Reuters.
Under a deal reached in May a Petronas-led consortium signed up for the construction of the Pacific NorthWest LNG project to be built near Prince Rupert in BC.
The terminal would be the receiving point for gas delivered by pipeline. The gas would then go through the liquefaction process ready for shipping overseas, mainly to markets in Asia.
Malaysian media had suggested that the drop in oil and gas prices had given Petronas second thoughts but the state oil firm confirmed that everything is proceeding as planned.
It is only awaiting the outcome of the upcoming Canadian general election (set for Monday 19 October) and approval from regulator, the Canadian Environmental Assessment Agency (CEAA), a Petronas spokesman said.
The project is part of a larger $36 billion investment by the Petronas-led consortium in Canadian natural gas.