Petronas puts B.C. LNG plant on hold: Oil prices below $70 US a barrel create poor conditions for project -- The Canadian Press - Posted: Dec 03, 2014 5:04 PM ET - CBC News Petronas says its delaying its proposed liquefied natural gas terminal near Prince Rupert, B.C. The Malaysian energy giant says although it has resolved its concerns with the B.C. government, the conditions arent right to proceed. Petronas says the economics of the project dont work as costs remain high and oil prices have dropped below $70 US a barrel. The total investment of $36 billion covers the LNG plant, shale fields in northeastern B.C. and a pipeline to connect the two. Despite the delay, both the company and the B.C. government struck a positive tone, expressing optimism the project will eventually proceed. Premier Christy Clark says the provinces plans to build an LNG industry are still on schedule. ... >> READ MORE ... cbc.ca/news/business/petronas-puts-b-c-lng-plant-on-hold-1.2859551
Posted on: Fri, 05 Dec 2014 00:59:23 +0000
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