Economics
Petronas Deals Fresh Blow as World Exits Canada’s Energy Patch
- LNG project collapse follows oil sector exit by Conoco, Shell
- Alberta executive worries ‘Canadians are missing the boat’
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Petroliam Nasional Bhd.’s decision to back out of a giant gas-export project on Canada’s Pacific Coast is the latest hit to the country’s energy sector -- and to Prime Minister Justin Trudeau’s plan of balancing energy exports and climate action.
The Malaysian state-run oil and natural gas producer cited an "extremely challenging environment" of low prices and other changes in declining to proceed with the liquefied natural gas project, which Trudeau approved last year after sweeping to power on pro-environment pledges.