Progress Energy On Track for FID by Year’s End

Financial Post reports that Michael Culbert, chief executive officer of Progress Energy Canada Ltd., an affiliate of Malaysian oil company Petronas Bhd and sponsor of the proposed Pacific NorthWest LNG export terminal on Lelu Island, British Columbia, is still planning on making a final investment decision for the project by the end of 2014.  The article also states that Mr. Culbert was “disappointed” with the pace of the regulatory process for terminal approval and that the B.C. LNG tax regime, expected to be unveiled this Fall, will influence whether the project gets built.

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