BRIEF-PETRONAS COMMENTS ON PROSPECTS AROUND ITS LNG PROJECT IN BRITISH COLUMBIA

Mon Oct 6, 2014 11:17am EDT
 
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Oct 6 (Reuters) - PETRONAS Capital Ltd : * Statement by Petronas president & group CEO tan sri dato' shamsul azhar abbas

regarding lng development in British Columbia * Says encouraged by the commitment expressed by the British Columbia gov't

regarding the pacific northwest lng project during recent meetings * Says agreed with gov't on clear milestones, action plans and deliverables for

both parties to alow for a final investment decision by mid-December 2014. * Says it will also continue to work with the government of Canada and its

agencies to advance the regulatory process and clarify the fiscal framework * Says believes that the pnw lng project has the ability to monetise, add value

and link bc natural gas to the global market * Says nonetheless reality is global lng market is facing potential overhang

and decreasing demand putting downward pressure on lng prices * Says proposed fiscal package and regulatory pace in Canada threatens the

global competitiveness of the pnw lng project * Says current project economics appear marginal: without material cost

reduction efforts it will have a hard time reaching a positive fid by   Continued...