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BC GOVERNMENT PHOTO / THE NORTHERN CONNECTOR
Natural gas minister Rich Coleman (left), B.C. trade representative Ben Stewart and Premier Christy Clark tour a Petronas LNG import facility in Malaysia in May.
Province’s LNG tank may end up empty By Shaun Thomas
THE NORTHERN CONNECTOR
PRINCE RUPERT - The chief executive of Petronas is warning that things need to change if the company is going to move ahead with its liquefied natural gas (LNG) export terminal on Lelu Island. Speaking with the Financial Times, Shamsul Abbas said Canada has to “buck up real fast” if it wants to be seen as a credible player in the global LNG market and be taken seriously by investors. “The way things are developing the project remains uncertain and I doubt we will be able to make a positive [final investment decision] by year-end,” he is quoted as saying. Abbas said his frustrations are to the point the company is “ready to call off” plans.
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Part of the concern expressed by Petronas is the lack of certainty surrounding the tax regime LNG firms would face, with the provincial government not expected to release that legislation until next month. “Rather than ensuring the development of the LNG industry through appropriate incentives and assurance of legal and fiscal stability, the Canadian landscape of LNG development is now one of uncertainty, delay and short vision,” he said, adding Canada is “already 40 years behind in the game” as the U.S. is now “leading Canada by a far stretch.” However, Premier Christy Clark said she was not concerned about Abbas’ comments, attributing them to the ongoing negotiations between the province and Petronas. “Remember this, we’re
in the process of negotiations and what Petronas is doing is standing up to try and get the absolute best deal they can get for their shareholders,” she said. “That’s what they should do. What we’re doing at the negotiating table, is trying to get the best deal for British Columbians and for Canadians. That’s part of the process. I know they see the assets in British Columbia as incredibly valuable and a really important part of the company’s future.” B.C. natural gas Rich Coleman said he contacted Petronas when he saw the report. He said Abbas has expressed similar concerns before, but B.C. negotiators continue to work on terms for a master development agreement. Coleman said company representatives assured him the
province has met every deadline Petronas has asked for in the discussions, and he and Premier Clark are set to meet with Abbas when he visits Canada this week. “We know that we are getting to a spot competitively, globally, because everybody’s told us that, but he’s representing the interests of Petronas as we go through this ... we’re going to represent the interests of British Columbia, to make sure B.C. gets its share of this opportunity,” he said. “I think the only risk to any project in B.C. and anywhere in the world is the price of natural gas. If you can’t get the return on your investment and capital from the price you can sell it for, you’re not making the final investment decision, but that’s always been the case.” - With files from Tom Fletcher
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