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NEW DELHI, INDIA – One partner in the Pacific Northwest LNG project is looking for a cheaper location to build the LNG export facility according to The Star newspaper in Malaysia.
According to the article, Indian Oil Corp. Ltd. said it was in talks with other partners in the Pacific Northwest LNG project to find an cheaper alternative site for the LNG export facility.
Sanjiv Singh, chairman of Indian Oil, which has a 10 per cent stake in the Canadian project, said the company remained interested in going ahead with at least part of the plan.
“We are very much positive going ahead with the upstream part of it, which is gas production. Liquefaction and transportation further in the liquid form we are not pursuing, I mean, we don’t want to pursue very aggressively as of now,” he told a news conference.
“We are also looking at a different location which might be much less expensive than the earlier one,” Singh said.
In July Petronas announced it was cancelling the $36 billion Pacific Northwest LNG project due to weak market prices for LNG. Petronas was the majority stakeholder in the project at 62 per cent.
The other partners in the project are Chinese oil and gas giant Sinopec, with 15 percent, Japex Montney Ltd, with 10 percent, and Petroleum Brunei, with 3 percent.
Read more of the article from The Star here: http://www.thestar.com.my/business/business-news/2017/08/04/indian-oil-partners-look-for-cheaper-site-for-pacific-northwest-lng-terminal/#x1HPXPKAJThtxZou.99
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