China Petroleum & Chemical Corp. (Sinopec) (00386.HK, 600028.CN) is in talks with Malaysia’s Petroliam Nasional Bhd. to buy up to 15 percent of a liquefied natural gas project on Canada’s western coast, the Wall Street Journal reported Wednesday, citing people familiar with the matter. The Pacific Northwest LNG project is an export terminal planned for an undeveloped island in northern British Columbia, which was acquired by Petronas in 2012 as part of its US$4.9 billion purchase of Canada’s Progress Energy Resources Corp., according to the newspaper. The terminal could begin operating as soon as 2018 and will have the capacity to export 12 million metric tons of LNG a year, the report said.
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