Petronas and Progress Energy close deal with Japex

Progress Energy President Michael Culbert says this deal proves B.C. and Canada are attractive and competitive destinations for global investment.

“Progress has increased its development pace in northeastern British Columbia in 2013, building new capacity to supply Pacific Northwest LNG with abundant Canadian natural
gas for export beginning in late 2018,” he says in a statement. “The LNG sale to Japex is the first of several LNG sale transactions that are being negotiated with LNG Buyers in Asia.”

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Pacific Northwest LNG is slated to be built on Lelu Island in the District of Port Edward. Initially, the plan is to build two liquefaction plants, with the option for a third in the future, along with a marine terminal. Japex has signed on to buy a share of its production for the next 20 years. TransCanada Corporation has been selected to construct the export pipeline from the Montney Region to Port Edward.

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