PETRONAS To Announce "Conditional FID" On Canadian LNG Project In Coming Weeks

Article published on May 22nd in the Daily Oil Bulletin, can be retrieved here: http://www.dailyoilbulletin.com/article/2015/5/22/petronas-announce-conditional-fid-canadian-ln/ 

(Reuters) — Malaysian state energy firm PETRONAS said on Friday it will announce a "conditional" final investment decision on its proposed liquefied natural gas export terminal in Canada in the coming weeks.

This comes after the company reached a deal with British Columbia related to project on Wednesday. 

"With this recent development, we are looking to achieve a conditional final investment decision in the coming weeks," president and group chief executive officer Wan Zulkiflee Wan Ariffin said at a press conference where the company announced its first-quarter earnings. 

"We will continue to have constructive engagements with the First Nation, and keep all avenues open as we move forward with our project," he added. 

At roughly $36 billion, the total investment by PETRONAS and its partners includes the construction of the Pacific NorthWest LNG export terminal near Prince Rupert, a natural gas pipeline and ongoing gas development. 

The government deal comes a week after an aboriginal group rejected an offer of C$1 billion in return for supporting the export terminal, saying the development would harm a fish habitat next to the project site. 

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