LNG Canada delays final decision on Kitimat project, no new timeline set
VANCOUVER — Instability in global energy markets has caused international partners in a proposed liquefied natural gas project in Kitimat, B.C., to delay their final decision on the venture.
LNG Canada CEO Andy Calitz said in a conference call Monday that a drop in natural gas prices around the world, particularly in Asia, has made the project too expensive for now.
“The whole global energy industry is in turmoil,” he said.
The LNG Canada project would export up to 24 million tonnes of liquefied natural gas per year and cost up to US$40 billion to build.