VANCOUVER, B.C. — Woodfibre LNG Ltd. says it is delaying the start of construction on its proposed LNG export terminal near Squamish until 2018 because of weak global natural gas prices.

In a Reuters news article Woodfibre LNG, which is backed by the Indonesian firm RGE Group, previously said it would begin construction on the terminal this year.

“We’re definitely moving forward, but the reality is that we still have some issues to resolve before we can say: ‘We’re in and this is actually happening on this timeline,’” said Woodfibre LNG spokesperson Jennifer Siddon.

The proposed 2.1 million tonnes per year terminal, one of the smallest proposed to built on the B.C. coast, had previously been thought to be the first of nearly a dozen LNG export terminals proposed to be built on the B.C. coast. The company announced its final investment decision early last November, and had its application for a 40-year export license approved by the National Energy Board in April.

Siddon said that a dual front-end engineering process by KBR Inc. and JGC Corp. was complete, and that the company would be moving to the next stage of engineering, procurement and construction.

Earlier this year, Petronas cancelled plans to build the $29 billion Pacific NorthWest LNG terminal near Prince Rupert. Last month, China’s CNOOC Ltd. subsidiary Nexen cancelled the Aurora LNG proposal.

Story courtesy Reuters: