With signing of MOU, Petronas looks to secure Conditional Final Investment Decision within weeks

Petronas President and CEO
Wan Zulkiflee says that a
conditional FID  on the
Pacific NorthWest LNG
project should be achieved 
in the coming weeks

Now that the Province of British Columbia and Petronas have worked out the details in their Memorandum of Understanding on the proposed LNG development for the North Coast, it would seem that the prospect of a Final Investment Decision is getting closer.

With the Malaysia company looking to move forward in what appears to be a a timeline that points to sooner, rather than later, when it comes to the much anticipated financial plan for the proposed LNG terminal near Port Edward.

“With this recent development, we are looking to achieve a conditional FID in the coming weeks,” -- Comments last week to the Malaysian media by Datuk Wan Zulkiflee Wan Ariffin, President and Group CEO of Petronas, speaking to the recent agreement between the BC Government and the energy company

Business in Vancouver magazine, was among a number of financial publications which reported on developments from Malaysia on Friday.

Noting that the Malaysian energy giant is looking to announce a conditional financial investment decision in the coming weeks, while at the same time, continuing to work to address issues with Lax Kw'alaam First Nation representatives in order to move forward with the Pacific NorthWest LNG project proposed for the Lelu Island area.

That confidence in resolving the outstanding issues with Lax Kw'alaams was something that the President of Petronas relayed to Malaysia media last week, speaking to the work of both the Federal and provincial governments on the issue. With the Petronas CEO outlining how both levels of Government in Canada "are working with Petronas to bring the project forward ... we will continue to have constructive engagements with First Nations, and keep all avenues open"

The comments related to LNG development in Canada came as part of observations on the current economic picture for the Malaysia company, with the Petronas reporting a 39 per cent drop in quarterly profit owing to the drop in world crude prices

Background on last weeks agreement between Petronas and the Liberal Government can be reviewed here and here.

More accounts of the notes from Kuala Lumpur and their British Columbia aspirations can be reviewed below

The Star On Line -- Petronas confident of resolving Canadian issues
Malaysian Insider -- Petronas to announce "conditional FID" on Canadian LNG project in coming weeks
BloombergBusiness -- Petronas First-Quarter Profit plunges on Oil price slump
Reuters Canada-- Petronas says to announce 'conditional FID' on Canada LNG project in coming weeks

Further items related to the Pacific NorthWest LNG project can be found on our archive page here.

Cross posted from the North Coast Review.