Malaysia's Petronas buys 25% stake in LNG Canada project

KUALA LUMPUR (June 1): Malaysia's state-owned oil and gas company Petroliam Nasional said on Thursday it is buying a 25% stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.

The company, known as Petronas, scrapped plans to build a US$36 billion LNG export terminal in British Columbia last year over concerns of a glut in the market that led to depressed fuel prices.

But surprisingly strong demand from China, South Korea and India has erased those concerns, and market sentiment has recovered.

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