For immediate release July 25, 2017
Vancouver, British Columbia – Pacific NorthWest LNG (PNW LNG) today announced that the LNG project in Port Edward, British Columbia will not proceed as previously planned.
The decision was made by PETRONAS and its partners after a careful and total review of the project amid changes in market conditions.
Anuar Taib, Chairman of the PNW LNG Board, said: “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.
“PETRONAS and its North Montney Joint Venture partners remain committed to developing their significant natural gas assets in Canada and will continue to explore all options as part of its long-term investment strategy moving forward,” added Anuar.
President and CEO of PNW LNG Adnan Zainal Abidin said: “On behalf of the entire PNW LNG team, I would like to thank everyone who has supported the project. I also want to thank everyone who contributed towards the development of this project and its comprehensive environmental assessments. In particular, I want to recognize the area First Nations, the District of Port Edward, the City of Prince Rupert, and their communities for their invaluable support and involvement in the project. I would also like to acknowledge the Pacific NorthWest LNG project team for all of their dedication and hard work.”
“Without everyone’s support and involvement, we would not have achieved the many key milestones for the project, including agreements with the area First Nations, the BC environmental assessment certificate and the Canadian environmental assessment approval,” added Adnan.