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Petronas CEO warns B.C. against 'unrealistic expectations'

Alaska Natural Gas Transportation Projects
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Malaysia’s Petronas, manager for perhaps the most advanced of 14 liquefied natural gas export projects proposed for British Columbia, is working this summer to prove up enough gas reserves for what could total a $36 billion investment while waiting for the provincial government to decide on taxes.

But finding enough gas is just part of what’s needed for a final investment decision, Tan Sri Dato’ Shamsul Azhar Abbas, president and CEO of Petronas, said in a keynote address at the 2014 International LNG in B.C. Conference May 21-23 in Vancouver.

“Investors require certainty and clarity” in fiscal terms, he said, referring to the B.C. government’s pending announcement of details for its new tax on LNG exports. The province “must be careful not squander opportunity with unrealistic expectations and misconceptions.”

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