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de Jong to discuss Petronas LNG deal in Malaysia

BC finance minister aims to ratify the deal for a $36 billion export terminal near Prince Rupert.


July 27, 2015
by CANADIAN PRESS

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British Columbia’s finance minister is travelling to Malaysia to discuss a $36 billion liquefied natural gas project in the province’s northwest.

Tags: de jong, Petronas, oil and gas, LNG, energy, manufacturing

de Jong to discuss $36B Petronas LNG deal in Malaysia

BC finance minister aims to ratify the export terminal near Prince Rupert.

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 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 BC history, creating 4,500 construction jobs and generating $8.6 billion in taxes and revenues by 2030.

The BC 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 BC,” 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.”

© 2015 The Canadian Press

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