Consortium leader Malaysian state-owned Petronas said on Tuesday it will not proceed with the proposed C$36 billion ($29 billion) Pacific NorthWest LNG Project in British Columbia due to weak global prices, dealing a blow to Canada's ambitions to become a global LNG player.

Japex, which has a 10 percent interest in the project, said it would give an earnings forecast for the current business year when it releases its first-quarter results on Aug. 8.

(Reporting by Osamu Tsukimori; Editing by Richard Pullin)