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Petronas-led Canada LNG project head denies report it will walk away

Published 2016-03-08, 01:39 p/m
© Reuters. Petronas-led Canada LNG project head denies report it will walk away
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VANCOUVER, March 8 (Reuters) - The president of a
Petronas-led proposed liquefied natural gas export terminal on
Canada's West Coast on Tuesday denied a newspaper report that it
would walk away from the project if the federal government did
not approve it by the end of March.
The company remains committed to the environmental process,
including the new measures on upstream greenhouse gas emissions,
Pacific NorthWest LNG president Mike Culbert said in an emailed
statement.
Late on Monday, Canada's National Post newspaper reported
that Petronas, also known as Petroliam Nasional Bhd PETR.UL ,
was threatening to walk away from the project over the review,
which has dragged on from more than two years.
The company has been frustrated by new climate change
measures the federal government introduced in January, including
measuring the impact of upstream production on greenhouse gas
emissions, the newspaper reported, citing an unnamed source.
Canada federal Environment Minister Catherine McKenna is
expected to release her final decision on the project later this
month, assuming there are no further delays.
A draft environmental assessment released last month found
that the project would not cause major ecological damage to the
region, but would likely harm harbor porpoise populations and
have an impact on climate change.
Petronas, the largest stakeholder in Pacific NorthWest LNG,
is in the process of slashing some 1,000 jobs and cutting its
spending by roughly $12.0 billion over the next four years, as
it struggles to deal with the impact of plunging oil prices.

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