Malaysia’s state-owned oil and gas company Petroliam Nasional Bhd said on Thursday it is buying a 25 per cent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.
The company, known as Petronas, scrapped plans to build a US$36 billion LNG export terminal in British Columbia last year over concerns of a glut in the market that led to depressed fuel prices.
But surprisingly strong demand from China, South Korea and India has erased those concerns, and market sentiment has recovered.
Petronas said in a statement that it would buy an equity stake in LNG Canada, an export project led by Royal Dutch Shell located in Kitimat, British Columbia. The purchase is expected to close in the next few months, the company said. Read More
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