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A Worldwide Gas Glut Claims $27 Billion Victim in Canada

  • Petronas drops high-profile LNG plans in British Columbia
  • Plummeting prices threaten projects from Australia to Russia
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Mullen CEO Disturbed by Companies Leaving Canada

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A $27 billion energy project in Canada just became the latest casualty of a worldwide glut of natural gas.

Malaysia’s Petroliam Nasional Bhd abandoned on Tuesday its plans for the Pacific Northwest LNG terminal, a plant that would have liquefied Canada’s gas and sent the fuel by tanker from the western shores of British Columbia to buyers in Asia. Petronas cited market conditions in its decision.