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British Columbia Signs LNG Deal with Petronas

Maritime Activity Reports, Inc.

May 21, 2015

 B.C. Premier Christy Clark has announced an agreement in principle with Pacific NorthWest LNG, owned in majority by Malaysia's Petronas, for a liquefied natural gas development on the province's northwest coast. 

Hailed as “the largest capital investment in B.C. history,” Clark said the LNG framework will result in stable, long-term revenue for B.C. and $36 billion in investment, including a proposal for an LNG facility near Prince Rupert.
Both are intended to provide certainty to the Petronas-led Pacific Northwest LNG project and encourage them to make a final investment decision to build a project in British Columbia
Although there are 19 proposed LNG projects in B.C., none have made a final investment decision as other competitors, including in the United States, push forward quickly and world natural gas market have slumped. 
“We have worked hard to establish a path to final investment decision with the agreements we are going to sign today,” Premier Christy Clark said
The prospect of a liquefied natural gas industry in B.C. would be a game-changer for aboriginal communities, Premier Christy Clark said.  
Through balanced budgets, controlled spending and – mostly – LNG revenues, the province could eliminate an estimated $62.7 billion in debt, create 100,000 jobs and bring an end to the Provincial Sales Tax, Clark vowed.
The Pacific NorthWest LNG export terminal and pipeline project would mean a $36-billion investment – the biggest single investment in the province’s history. It is just one of 19 LNG proposals on the books, but probably the most advanced.
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