Report summaryCanada's federal government granted approval for the proposed construction of the Pacific NorthWest LNG (PNW LNG) terminal in British Columbia subject to 190 conditions. Most of these conditions focus on the environment footprint of the liquefaction plant and stress reduced green house gas emissions. This is the first project in Canada to receive clearance from the Canadian Environmental Assessment Agency and marks the end of a regulatory process that was initiated three years ago.
PNW LNG will now undergo a full project review by the joint venture partners. While the regulatory approval is a positive sign, we see potential signs for a delay given the high costs of development, budget scrutiny and current low LNG prices. This reactive note looks at the cost breakeven for the project and highlights some of the challenges still facing Canada's LNG ambitions.
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