B.C. and Petronas Sign Letter of Intent to Cooperate on LNG Export Terminal
Yesterday, British Columbia (B.C.) Premier Christy Clark and Tan Sri Dato’ Shamsul Azhar Abbas, Group CEO and President of Malaysian state oil company Petroliam Nasional Berhad (Petronas), signed a Letter of Intent to work collaboratively to secure long-term investments by Petronas in an LNG terminal in B.C. Petronas is the majority owner of Pacific NorthWest LNG Ltd., which proposes to construct an LNG export terminal on Lelu Island in Port Edward, near Prince Rupert, B.C. While not legally binding, the Letter of Intent requests that B.C. provide certainty on the costs applicable to LNG terminals in the province and B.C. requests that Petronas work towards a final investment decision on the project. B.C. and Petronas also agreed to make reasonable efforts to negotiate a Project Development Agreement by November 30, 2014. Read more in the press release.