Small-scale LNG project in Canada halts development

Thu Feb 25, 2016 7:36pm EST
 
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TOKYO Feb 26 (Reuters) - A small-scale liquefied natural gas project on British Columbia's Pacific coast led by Canada's AltaGas said it would halt further development citing unfavourable market conditions.

The Douglas Channel LNG Consortium, which had been expected to go to final investment decision (FID) by the end of 2015, was considering a 550,000 tonnes per year floating LNG facility near Kitimat in British Columbia, with first LNG exports in 2018.

The consortium, which includes Japan's Idemitsu, France's EDF Trading and Belgium's Exmar, on Thursday announced the decision to halt development "due to adverse economic conditions and worsening global energy price levels," AltaGas said in its quarterly earnings results. (Reporting by Osamu Tsukimori; Editing by Richard Pullin)