Malaysia-based state-owned oil and gas company Petroliam Nasional (Petronas) is planning to invest about $20bn in its liquefied natural gas (LNG) export project in west Canada.

The company is planning to invest in the project to meet growing demand for petroleum products in Asia.

Petronas has acquired the export terminal in British Columbia, which will be built from scratch, as part of its acquisition of Canada-based Progress Energy Resources for $5.2bn in December 2012.

The project named as Pacific NorthWest LNG will include construction of two LNG trains with capacity to hold 6 million tons per year.

Construction on the project is expected to be completed by the end of 2018 or 2019.

The LNG plant will involve an investment of about $9bn to $11bn, while the remaining amount will be used to develop upstream gas reserves.

Pacific NorthWest LNG is a proposed LNG liquefaction and export facility located within the District of Port Edward on land in Lelu Island.