Petronas, the Malaysian national oil company announced in the second week of June 2013 about its multibillion dollar plan for extracting, liquefying as well as exporting the natural gas in Western Canada to the markets of Asia.
Arif Mahmood, the Vice President of corporate planning, Petronas explained that an amount between 9 billion US dollar and 11 billion US dollar would be invested for the construction of two LNG liquefaction plants. The project would be completed by late 2018.
The objective of this site would be to add third plant as well as a LNG storage tank. Apart from this, 5 billion US dollar would be invested in the 750 km-long pipeline which will be built as well as operated by the TransCanada Corp.
Pacific NorthWest LNG project, which is situated in Lelu Island in the Port Edward district in British Columbia, will be responsible for liquefying as well as exporting the natural gas which is produced by the Progress Energy Canada.
Progress Energy Canada, on the other hand, announced about its plan of spending around a billion dollars on those activities which are related to the extraction of natural gas. This will add to the total cost of the project, at around 20 billion US dollar.
In recent past, Petronas sold 10 percent stake in gas facility to the Japan Petroleum Exploration Co. for securing first long-term buyer.