Petronas, a Malaysian-state owned oil and gas company is expecting a hefty US$20 billion investment. This is for its West Canada liquefied natural gas (LNG) export project. According to a senior official in the company, Petronas aims to meet the increasing demand of consumers in Asia.
By the end of 2018 or 2019, the Pacific NorthWest LNG project is said to transpire. The company will build two LNG trains having six million tons annually. Arif Mahmood, the vice president for Petronas corporate planning, announced during an industry meeting.
Mahmood also added that the US$20 billion investment includes the US$5 billion allocation for a pipeline project by TransCanada Corp. This will supply gas to the two LNG trains.
Petronas sold its 10% stake to Japan Petroleum Exploration Co., securing its first LNG buyer.
The company is in discussions to sell its stakes to other potential buyers. Petronas will make its final investment decision later this year according to Mahmood.
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