Petro-Canada Considers Options for Quebec LNG Plant

(Bloomberg) — Petro-Canada is considering options for its planned natural-gas import terminal in Quebec after OAO Gazprom canceled a project to provide fuel for the facility from the Baltic Sea.

“Yesterday, Gazprom announced they do not intend to go ahead with this project, so that’s something we had been working on from an option point of view but, at this stage, is not going to proceed,” Petro-Canada Chief Executive Officer Ron Brenneman said today in a speech at an energy conference in Vail, Colorado, that was broadcast on the Internet.

The company is reviewing options for the terminal, proposed in September 2004, spokesman Kyle Happy said in a telephone interview. “It’s too early to say what the future holds for the Cacouna site,” he said.

Gazprom, Russia’s largest gas producer, dropped its Baltic liquefied-natural-gas, or LNG, project near St. Petersburg to concentrate instead on its Shtokman field in the Arctic Ocean and the Nord Stream pipeline to Germany, according to a statement yesterday from the company.

Bloomberg