Petro-Canada Faces Large Increase in Cost Estimates for Gros Cacouna LNG Terminal

The Financial Post (Canada) reports that construction of the Gros Cacouna LNG terminal will be delayed for a minor redesign in order to bring down construction costs. Ron Brenneman, president and chief executive of Petro-Canada, said, “That cost has gone up like any other LNG project in North America, so we’re now looking at numbers more in the $1-billion range.” Brenneman maintained that the project was still worth pursuing and that Petro-Canada “still see[s] it as a very good option play.”

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