Petronas signs LOI for Prince Rupert LNG project

Kuala Lumpur: Malaysian energy giant Petronas and British Columbia’s government in Canada have signed a letter of intent which could lead to a final investment decision this year on the development of a multi-billion LNG project in the Prince Rupert area.

The letter calls for the government and Petronas to negotiate a project development agreement this year. According to the letter, Petronas has requested the province provide certainty about costs that are under the control of the province.

“Securing this commitment from Petronas shows that our strategy for attracting investment to B.C. is working,” B.C. Premier Christy Clark said in a statement. “Our goal is to be the most competitive jurisdiction in the world for LNG.”

Both sides agreed to assign officials to prepare terms of reference by June 30 and then have a project development agreement in place by November 30. [07/05/14]

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