Petronas Defers $32 Billion Canada LNG Project Decision
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Petroliam Nasional Bhd. deferred a decision to build a liquefied natural gas terminal in Canada in the latest global investment setback from plunging oil prices.
The slump has worsened the outlook for returns from the Pacific NorthWest LNG project in British Columbia, Petronas, as the Malaysian state-owned energy company is known, said yesterday. Project costs of C$36 billion ($32 billion) need to be reduced before a decision is made, the company said.