Despite profitability fall in 2015 second quarter, Petronas keeps committed to Canadian LNG project

Petronas said it is committed to its Canadian liquefied natural gas (LNG) project despite the tumble in oil and gas prices which cut Petroas’ net profit by 47% between April and June. The project would see Petronas build an export terminal near the British Columbia port city of Prince Rupert, a natural gas pipeline and ongoing gas development. Petronas had reached a deal with British Columbia in May on the proposed project, drawing it closer to its final investment decision. Petronas and its partners are ready to proceed with the project in June, if it receives clearance from Canada’s environmental regulator, the Canadian Environmental Assessment Agency (CEAA), Wee Yiaw Hin, CEO of Petronas for Upstream operations, said.
The project is part of a larger $36 billion investment by Petronas and its partners in Canadian natural gas. Its development has been opposed by aboriginal communities and environmentalists, who say it will harm a salmon habitat next to the site.