B.C., PETRONAS sign deal to support LNG

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B.C. and PETRONAS commit to developing LNGKuala Lumpur/Victoria: The B.C. government and Malaysia’s state-owned Petronas have signed a Letter of Intent to work collaboratively to secure long-term investments in British Columbia’s Liquefied Natural Gas (LNG) industry.

B.C. Premier Christy Clark and Petronas chief executive officer Shamsul Azhar Abbas signed the deal on Monday as a B.C. delegation led by Ms. Clark launched an Asian trade mission with the first stop in Malaysia.

“Securing this commitment from PETRONAS shows that our strategy for attracting investment to B.C. is working,” said Premier Clark. “Our goal is to be the most competitive jurisdiction in the world for LNG, and build a sustainable industry that creates 100,000 jobs and opportunities for generations to come – and we’re gaining momentum every day.”

The Letter of Intent reflects the commitment by the Province and PETRONAS (on behalf of its affiliates Pacific Northwest LNG Ltd. and Progress Energy Canada Ltd.) to enter into negotiations regarding a possible Project Development Agreement to secure mutual interests.

The Province has requested that PETRONAS continue to work towards a final decision about investing in the development of a LNG facility in B.C.

PETRONAS has submitted a proposal to build the Pacific Northwest LNG facility in Port Edward, representing an estimated $11 billion investment.