LNG happening, poised for monumental year
Victoria: British Columbia’s liquefied natural gas industry made unprecedented progress this year. The first final investment decision was made by Pacific NorthWest LNG, marking their commitment to move forward with construction and operation. That pledge had two conditions; with the first requiring government to finalize a project development agreement with them, which we did. The other outstanding condition – environmental approval by the Government of Canada – is scheduled for a decision in 2016. I am confident that progress will continue and Pacific NorthWest LNG will finalize their investment in the new-year, in addition to other LNG proponents coming forward with their decisions. That could all happen while the expansion of FortisBC’s Tilbury LNG facility continues in Delta which has already provided $50 million in contract work to over 100 companies in neighbouring communities like Vancouver, Langley, Abbotsford, Coquitlam, and more. These are positive developments for just three of the 20 facilities now proposed in our province. Other exciting news included LNG Canada finalizing the very first substituted environmental assessment in our province, keeping their proposal on track to be one of B.C.’s most promising export operations. The progress made in B.C. in the last year is remarkable because these are challenging times in the industry, for reasons beyond our control. Global prices have fallen since we launched our LNG Strategy and just as companies are considering making huge investments – some of the largest in Canadian history. But here’s what’s important to remember: B.C. is in this for the long-term. That’s why we’re taking actions on our end to ensure B.C. is globally competitive and an attractive place to invest. If you were to listen to the critics – the ‘scrooges’ of economic development - they would tell you that progress has stalled and government should relinquish the BC Jobs Plan’s ambitious goals for growth and market diversification. Those pessimists, to be frank, are short-sighted; reluctant to admit LNG is making progress, creating jobs and securing long-term prosperity for all of us. In fact, if just five facilities are built, we know the benefits are significant, including over 100,000 jobs. To date, industry has invested more than 20 billion dollars to advance development.
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