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BC to legislate $36B agreement with Pacific NorthWest LNG

Province's finance minister says the facility will create up to 4,500 jobs and generate about $9 billion in revenues over a decade.


July 7, 2015
by The Canadian Press

VICTORIA — A blue print for the largest private-sector investment in BC’s history will be presented next week in the provincial legislature.

Finance Minister Mike de Jong made the statement as he announced the deal with Petronas-backed Pacific NorthWest LNG that sets out a ratification process for a proposed $36 billion liquefied natural gas export facility near Prince Rupert.

De Jong says construction of the facility will create up to 4,500 jobs and generate about $9 billion in revenues for the province over a decade, once the facility is in operation.

He says the agreement will include assurances that Pacific NorthWest LNG will not face significant increases in specific taxes, including the LNG income tax, the carbon tax and the natural gas tax credit.

But the minister says the agreement does not protect the company from increases in provincial sales and corporate taxes.

De Jong says project development agreements provide certainty and stability for BC and the company.

© 2015 The Canadian Press

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