British Colombia’s Finance Minister Michael de Jong is travelling to Malaysia to meet with government officials to discuss the Pacific NorthWest LNG project.
B.C.’s government passed the Liquefied Natural Gas Project Agreements Act on July 21, and ratified the Pacific NorthWest LNG project agreements on July 23.
“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.,” said de Jong in a statement issued on Saturday.
During this six-day trip, de Jong will meet with key government officials to discuss the ratification of a project agreement with Pacific NorthWest LNG, which is majority-owned by Malaysia’s nationally owned oil company, Petronas, according to the statement.
In June, Pacific NorthWest LNG announced it had reached an investment decision subject to approval of the project agreement by the B.C. legislative assembly and a positive regulatory decision on the project’s environmental assessment by the federal government.
If the project proceeds, Pacific NorthWest LNG will make an estimated $36-billion investment to build an LNG plant on Lelu Island near Prince Rupert.
The project is expected to create 4,500 jobs at peak construction, as well as hundreds of long-term operational and spinoff jobs and an estimated $8.6 billion in additional provincial revenue by 2030 through taxes and royalties, the statement said.
de Jong will also meet with investors to highlight B.C.’s economic strength, including investor opportunities such as LNG.
LNG World News Staff; Image: Pacific NorthWest LNG