BRITISH COLUMBIA

Petronas LNG Deal Subject Of B.C. Finance Minister's Malaysia Trip

07/26/2015 11:56 EDT | Updated 07/26/2016 05:59 EDT
VICTORIA — British Columbia's finance minister is travelling to Malaysia to discuss a $36 billion liquefied natural gas project in the province's northwest.

Michael de Jong will meet with officials over the next six days to discuss the ratification of a project agreement with Pacific Northwest LNG, a consortium led by Malaysia energy giant Petronas.

The province passed legislation this week that allowed it to enter into an agreement with the consortium to build an LNG export terminal near Prince Rupert.

The Opposition New Democrats voted against the legislation, which protects Pacific Northwest LNG from targeted tax increases for 25 years.

The project would be the largest private investment in B.C. history, creating 4,500 construction jobs and generating $8.6 billion in taxes and revenues by 2030. 

The B.C. government estimates that travel and accommodation for the minister and his chief of staff will cost about $7,900.

"Now that the province has met its obligations, we are an important step closer to the company's final investment decision and the start of an LNG industry in B.C.," says de Jong in a statement.

"We will keep moving forward to make this incredible opportunity a reality so we can build our economic portfolio, and create jobs and opportunities for British Columbians now and in the future."

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