British Columbia Opens Door to USD 36 Billion LNG Facility

British Columbia Opens Door to USD 36 Billion LNG Facility

The government of British Columbia and a consortium of companies led by Malaysia’s Petroliam Nasional Bhd (Petronas), have reached a preliminary agreement on taxes and royalties for the Pacific NorthWest LNG project, setting the stage for a potential USD 36-billion investment.

BC Premier Christy Clark and Michael Culbert, president of Pacific NorthWest LNG, signed a memorandum of understanding that sets out the steps leading toward ratification of a project development agreement between government and the company.

Michael de Jong, Minister of Finance, signed the project development agreement on behalf of government, which initiates a ratification process by both the company and the British Columbia Legislature. Rich Coleman, Deputy Premier and Minister of Natural Gas Development, signed the Province’s long-term royalty agreement with the company.

Pacific NorthWest LNG plans to build an LNG facility on Lelu Island, located in the District of Port Edward on land administered by the Prince Rupert Port Authority. The first phase of the project would consist of two liquefaction trains, two LNG storage tanks, marine infrastructure with two berths for LNG carriers, a material offloading facility, as well as administration and auxiliary buildings. The facility would liquefy and export natural gas produced by Progress Energy Canada Ltd. in Northeast BC for transport to Lelu Island by the Prince Rupert Gas Transmission project.

The province continues to consult with Tsimshian Nations regarding the Pacific Northwest LNG project. BC has also engaged with 19 First Nations along the proposed Prince Rupert Gas Transmission Pipeline route. Fourteen agreements related to the facility and pipeline have been achieved to date.

Last week, the Lax Kw’alaams Nation voted to reject the North West LNG project, turning down a USD 1 billion compensation.

 

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >