Petronas Targets Final Investment Decision For LNG Canada Phase 2 By End-2026

KUALA LUMPUR, Feb 27 (Bernama) -- Petroliam Nasional Bhd (Petronas) and its partners expect to reach a final investment decision (FID) for Phase 2 of the LNG Canada project sometime this year, said president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz.

Speaking at a media briefing on the group’s financial results for the year ended Dec 31, 2025 (FY2025), here today, he said there was strong interest in advancing the second phase together with partners Shell and Mitsubishi.

“The FID for this is expected sometime this year. The partners are already in training for the second phase,” said Tengku Muhammad Taufik.

He noted that LNG Canada is sending out gas with about 35 per cent lower greenhouse gas (GHG) emissions compared with many other global facilities.

Tengku Muhammad Taufik said the development was a means of decarbonising energy systems, adding that Canada is in a unique position to support that transition.

Petronas executive vice-president and chief executive officer of gas and maritime Datuk Adif Zulkifli said Phase 1 is currently running at full capacity as the team focuses on stabilising operations.

“In parallel, we are working hard to get Phase 2 to FID. All partners are working through engineering and costing, and we hope by the latest, end of the year, we will be in a position to make a decision,” he said.

The LNG Canada project forms part of Petronas’ strategy to expand international upstream growth to about 60 per cent over the next 10 years.

-- BERNAMA