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    Reuters: Petronas chief warns it could pull out of Canada LNG project

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Summary

Malaysia's Petroliam Nasional (Petronas) said on Thursday that it could pull out of its $10 billion liquefied natural gas (LNG) project in Canada due to what it sees as the country's slow progress on a new taxation scheme.

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Reuters: Petronas chief warns it could pull out of Canada LNG project

Malaysia's Petroliam Nasional (Petronas) said on Thursday that it could pull out of its $10 billion liquefied natural gas (LNG) project in Canada due to what it sees as the country's slow progress on a new taxation scheme.

A Petronas spokesperson confirmed comments made by Shamsul Abbas, Petronas' chief executive, in an interview with the Financial Times, in which he said that he doubted the firm would be able to make a final investment decision by the end of this year and that the project remains "uncertain."

"Canada has to buck up real fast to be a credible global LNG player if it wants to be taken seriously by potential investors," Shamsul was quoted as saying ahead of a visit to Canada. MORE

 

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