THE partners behind the proposed Pacific NorthWest LNG project at Port Edward in British Columbia, Canada have pulled the plug after conducting a major review of its viability.
Anuar Taib, executive vice p and CEO Upstream for one of the patners, PETRONAS, said continuing depressed market conditions led to the decision.
“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” Mr Taib said.
“We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward,” he said.
The Pacific Northwest LNG Project was just one of a number of proposed new LNG projects competing with Australian producers for market share.