October 6, 2014 / 3:18 PM / 4 years ago


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

mid-December * Says next few weeks will be critical in ensuring that commitments made during

the last meeting will be followed through * Says t needs to secure consensus on key principles vital to the success of

this project by the end of October * Rpt-petronas says it needs to secure consensus on key principles vital to the

success of this project by the end of october * Says missing this date will have the impact of having to defer its

investments until the next lng marketing window, anticipated in 10-15 years * Comments on prospects around its lng project in British Columbia

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