Canada to Make Petronas LNG Announcement Tuesday, Chiefs Say

(Bloomberg) — Canadian Prime Minister Justin Trudeau’s government has approved Petroliam Nasional Bhd’s C$36 billion ($27 billion) Pacific NorthWest liquefied natural gas project on British Columbia’s Pacific coast.Environment Minister Catherine McKenna, Natural Resources Minister Jim Carr and Fisheries Minister Dominic LeBlanc made the announcement near Vancouver late Tuesday. It was Prime Minister Justin Trudeau’s first decision on a major energy project after a pro-environment campaign swept him to power last year.The project is “an important opportunity to grow our economy and shows how we are rebuilding Canadians’ trust in our environmental assessment process,” McKenna said.The approval comes just as developers are shelving multibillion-dollar gas export projects from Australia to the U.S. amid weakening demand in Asia and Europe. Shipping consultants Poten & Partners forecast in March that at least a quarter of global LNG production would be “homeless” by 2021 as supplies surge.Canada …
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