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Who Is BC’s Big LNG Partner? A Petronas Primer
Who Is BC’s Big LNG Partner? A Petronas Primer
Group led by Malaysia’s national oil company aims to build terminal near Prince Rupert.
Just one week after the Lax Kw’alaams band rejected a $1-billion offer by Petronas to build a liquefied natural gas terminal at the mouth of the Skeena River in British Columbia, Premier Christy Clark has signed an agreement with Malaysia’s national oil company to “establish the path to a final investment decision on the project.”
Part of that path includes a long-term commitment by the provincial government not to raise natural gas royalties, regardless of changes in global prices for the commodity.
Natural gas, like oil, is one of the world’s most volatile commodities in price.
“With this certainty, industry can plan their operations over a longer period of time and commit capital to jobs and production needs, while the Province has a guaranteed royalty revenue each year,” said a government news release.
Pacific NorthWest LNG, which is largely owned by Petronas, has yet to make a final investment decision, and the proposed multibillion-dollar project near Prince Rupert must still pass an environmental review.
Just what kind of company is Petronas, and what’s its relationship to the Malaysian government? The Tyee looked at the public record.
1. The government of Malaysia set upthe national oil company in 1974 when oil prices jumped from $1.50 to $12. The government did so with the goal of safeguarding “the sovereign rights of Malaysia and the legitimate rights and interests of Malaysians in the ownership and development of petroleum resources.” The company’s success has helped the government to reach out to the Muslim world.
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More rain forecast for flood-hit SE Asia – Asia-Pacific – Al Jazeera English
More rain forecast for flood-hit SE Asia – Asia-Pacific – Al Jazeera English.
People in South East Asia have been warned to prepare for more flooding, after days of heavy rain across the region that has killed dozens of people and displaced tens of thousands in Thailand, Malaysia and Sri Lanka.
Weather forecasters on Sunday warned that much of Malaysia will see more storms in the next three days; Thailand and Sri Lankan authorities also warned their people to brace for more floods.
“We expect another surge in heavy rain followed by strong winds brought by the seasonal northeast monsoon, which usually continues till March,” a Malaysian meteorological department official told AFP news agency.
According to officials, more than 200,000 people across the region have been left homeless because of the floods.
There are fears the death toll could rise as communities have been left stranded without food or medicine.
Malaysia Evacuates Over 130,000 as Floods Kill at Least Five – Bloomberg
Malaysia Evacuates Over 130,000 as Floods Kill at Least Five – Bloomberg.
Malaysia evacuated more than 130,000 people as the worst floods in decades left at least five dead.
More than 330 were displaced in the southwestern state of Negeri Sembilan today, bringing to eight the number of states affected by the heavy rainfall that began 10 days ago, according to state news agency Bernama. The five dead included a toddler who was swept away by currents after falling from her mother’s arms on their way to a relief center, AP reported.
The northeastern state of Kelantan had the highest number of evacuees, with 55,960 people relocated, Bernama reported. The other states affected were Terengganu, Pahang, Johor, Perak, Perlis and Kedah, it said. Two people died in the floods in Terengganu, including a woman who fell into the water during an evacuation, Bernama said.
The Southeast Asian nation is grappling with annual floods caused by monsoon weather that could disrupt output of its key exports of palm oil and rubber. Prime Minister Najib Razak returned to Malaysia today from the U.S. after being criticized for holidaying while the nation contends with the flooding.
China Strengthening Claim To South China Sea Oil And Gas
China Strengthening Claim To South China Sea Oil And Gas.
Not gone and not forgotten, China is ready to solidify its claim to the South China Sea (SCS). Recent satellite imagery confirms China is conducting significant land reclamation operations in the Spratly Islands in the SCS. The SCS is an important fishing ground and is believed to hold large amounts of oil and gas. Undermining the United States’ influence in the region, China intends to play the shepherd in one of the world’s busiest trade routes.
Source: BBC
The Spratly Islands along with the Paracel Islands and several maritime boundaries in the SCS have been hotly disputed for several centuries. The conflict includes Brunei, China, Indonesia, Malaysia, the Philippines, Taiwan, and Vietnam and has predominantly centered on historical and cultural claims. Though offering very little in the way of land or resources, the islands serve as a tangible marker. As such, parties to the conflict have been quick to occupy them.
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