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21

Gazprom Scraps Baltic Project, Canada Forced to Reconsider Venture

Petro-Canada is considering again the possibility to develop a regasification project

Canadian oil firm Petro-Canada is considering again the possibility to develop a regasification project in Quebec after Russia's gas giant Gazprom said it would scrap a $3.5 billion LNG facility in the Baltic Sea.

The $1-billion Gros Cacouna terminal on the St. Lawrence River would depend on supply from the Gazprom plant near St. Petersburg, Russia.

"Gazprom's decision not to pursue Baltic LNG is disappointing to us and we are reviewing the impact of this decision on our LNG strategy with our project partner. Without the anchor supply in place we will have to reconsider our options for developing the site,'' Petro-Canada said in a statement.

Gazprom said in a statement that it was ditching the Baltic project in order to focus on "more competitive'''' ones.