Canada’s British Columbia has bagged its first energy project in export liquefied natural gas and paved way for Canada's efforts to hardsell its natural gas resources in key Asian markets. The ambitious Pacific North West LNG project, will be led by Malaysia’s Petronas and there will be an initial investment of CA$12 billion.

The requisite pipelines will be built by TransCanada Corp through the north of BC at a cost of $5 billion for linking shale gas fields to the liquefaction terminal. There is all round cheer in Canada after Petronas-led consortium on June 12 said it will go ahead with the LNG project despite some tough conditions set by the government and regulators, reports Financial Post.

Petronas finally signed the project development deal with British Columbia in May and in a few days Petronas CEO WanZulkiflee Wan Ariffin said the company would proceed with a “conditional final investment” decision. The Pacific NorthWest LNG project in BC will be operating as a joint venture among operators Petronas, China Petroleum and Chemical Corp, Japan Petroleum Exploration Co, Indian Oil Corporation Ltd and Petroleum Brunei.