The decision to cancel the development boiled down to simple economics, the Malaysian energy giant says.
The LNG terminal on BC’s north coast is backed by Malaysia’s national oil and gas company Petronas.
Agreements are tied to the project proceeding, include the transfer of about 3,000 hectares of land and almost $145 million.
The federal government has given the $36 billion Pacific NorthWest LNG project conditional approval.
Federal changes will likely include tests to determine impacts on GHG emissions.
Energy giant says serious safety issues revealed at its offshore operations.
BC finance minister aims to ratify the deal for a $36 billion export terminal near Prince Rupert.
Province’s law provides Pacific NorthWest LNG with 25-year assurances specific to LNG-related income.
Province’s finance minister says the facility will create up to 4,500 jobs and generate about $9 billion in revenues over a decade.
LNG plant in BC’s northwest could be worth up to $36 billion.
Includes $27.8 million for signing, preliminary agreements, construction and startup.
BC premier says it needs to ensure market conditions work with suppliers.
Industry officials have reacted favourably to a 3.5% income tax and emissions standards introduced in the fall legislature.
There’s more projects chasing buyers than vice versa, complicating the economics of exporting Canadian LNG.
May delay Prince Rupert project a decade: wants agreements by month’s end.