• 3 minutes Marine based energy generation
  • 5 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Which producers will shut in first?
  • 1 hour A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 2 mins The GREAT OPEC+ Agreement
  • 4 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 11 hours Saudis to cut 4mm bbls. What a joke.
  • 2 hours Trumps Oil Industry....
  • 15 mins Chinese Communist Party
  • 10 hours Saudi Arabia Is Buying Up European Oil Majors
  • 8 hours Trump will be holding back funds that were going to W.H.O. Good move
  • 9 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 2 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 11 hours Occidental hypocrisy
  • 6 hours Corona Price Tag
  • 14 hours Sharp real pure true hard working roughneck needing work..
Russia Is Ready To Make Major Output Cuts

Russia Is Ready To Make Major Output Cuts

Russian sources confirmed to Reuters…

Petronas to Invest $20 Billion in Canadian LNG Project to Supply Asia

Petronas to Invest $20 Billion in Canadian LNG Project to Supply Asia

Petronas, the Malaysian state-owned oil and gas company, is moving quite steadily into the liquefied natural gas (LNG) industry, with the latest news being that it plans to invest $20 billion in its west Canadian LNG project.

Petronas believes that LNG will be vital to meeting growing energy demand in Asia, and hopes that its Pacific NorthWest LNG project will secure a regular supply to the continent where it can then take advantage of the high demand and high prices.

Arif Mahmood, the vice president of corporate planning at Petronas, said the project will see the construction of two LNG trains, capable of transporting 6 million tonnes a year, to be completed by 2018 or 2019; and that $5 billion of the investment will be used to build a pipeline, built by TransCanada Corp., to supply gas to the LNG trains.

Mahmood even suggested that “there is space to build a third train and capacity could go up to 18 million tonnes a year,” if future expansion was required.

Related article: Canadian Company Strikes Deal for LNG Exports to Europe

Petronas was initially partnered with Progress Energy Resources Corp, but in a high-profile deal last year, managed to buy them and gain full ownership of the project. It is now looking for new partners that can also double up as LNG customers.

Its first LNG customer, Japan Petroleum Exploration Co., was secured after selling a 10 pecent stake in the project, and more potential customers are in talks with Petronas at the moment.

Mahmood explained that they’re actually looking for “potential partners where they will also be offtakers of the gas,” but also assured that Petronas intends to keep a 50% stake in the project at all times.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News