July 26, 2017 / 3:09 AM / 2 years ago

Japan's Japex to take $82 million loss for scrapped Canada LNG project

TOKYO (Reuters) - Japan Petroleum Exploration Co (Japex) said on Wednesday it would take a loss of about C$102 million ($82 million) in the year to end-March due to the scrapping of a liquefied natural gas (LNG) project in western Canada.

Consortium leader Malaysian state-owned Petronas said on Tuesday it will not proceed with the proposed C$36 billion ($29 billion) Pacific NorthWest LNG Project in British Columbia due to weak global prices, dealing a blow to Canada’s ambitions to become a global LNG player.

Japex, which has a 10 percent interest in the project, said it would give an earnings forecast for the current business year when it releases its first-quarter results on Aug. 8.

Reporting by Osamu Tsukimori; Editing by Richard Pullin

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