After more than three years of regulatory review, the energy companies behind a proposed $27 billion liquefied natural gas plant on Canada’s Pacific Coast received conditional government approval on Tuesday. Now they have to decide whether to build it. The LNG world has flipped upside down since Malaysia’s Petroliam Nasional Bhd first submitted its Pacific NorthWest LNG project for environmental approval in 2013. Spot prices for the fuel have fallen by more than two-thirds as a host of new projects have boosted supply faster than demand has grown. The industry hasn’t approved a new onshore greenfield project like this since December 2013, said Chong Zhi Xin, principal LNG analyst for Wood Mackenzie Ltd.

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