June 5, 2023

foreign business

project business

Petronas CEO touts LNG Canada’s emissions benefits, warns delays could be high priced

CALGARY — The president and team CEO of oil large Petronas suggests the LNG Canada liquefied all-natural gasoline export facility now beneath development in B.C. allows assistance his firm’s not too long ago established purpose of getting net zero greenhouse gas emissions by 2050.

CALGARY — The president and team CEO of oil giant Petronas states the LNG Canada liquefied normal gasoline export facility now less than building in B.C. assists support his firm’s not too long ago established purpose of getting internet zero greenhouse gasoline emissions by 2050.

But Tengu Muhammad Taufik, talking all through a College of Calgary-sponsored webinar, also warns that delays in finishing the challenge could end result in Canada missing out on gross sales of its plentiful pure fuel to international marketplaces hungry for cleaner fuel to substitute coal and nuclear ability.

The head of Malaysian authorities-owned Petronas suggests it created its emissions reduction dedication in November not to “keep up with the Joneses,” but less than pressure from creditors who significantly want to know about clients’ thoroughly clean vitality designs just before giving accessibility to required cash.

He claims he thinks that natural gasoline will be an important transition gas as the world switches to cleaner resources of electrical power, introducing that oil and gas will very likely nonetheless present virtually half of total electrical power 20 to 30 several years from now.

Petronas has a 25 per cent stake in the $40-billion LNG Canada project as element of a consortium led by Shell Canada with 40 per cent ownership. The undertaking and the Coastal GasLink pipeline developed to provide it have been the subject of protests and blockades by opponents.

The webinar panel provided Canadian Purely natural Methods Minister Seamus O’Regan and Muhammad Taufik utilised the option to talk about how “coverage-makers” should guarantee LNG Canada is concluded on time.

“I do hope steps permit Canada’s molecules to arrive at the factors of need inside of a right window,” he explained.

“There is a threat that the additional out we go, some of these molecules will get stranded by sheer unavailability or escalating scarcity of capital or shoppers shifting in these a massive way that LNG will not come to be palatable for them.”

The webinar was component of the Petronas Intercontinental Power Speaker series and hosted by the Centre for Company Sustainability at the university’s Haskayne Faculty of Enterprise.

This report by The Canadian Push was initial released Jan. 28, 2021.

The Canadian Push