First in BC to approve the co-management of the development of a LNG facility.
Partners will explore pipeline development and open new overseas markets for natural gas.
LNG would reduce carbon emissions in parts of Asia, but would likely increase them in other potential markets.
Proposed facility would produce up to five million tonnes of LNG annually.
Approval would authorize Bear Head LNG Corp.to bring up to 440 billion cubic feet per year of US natural gas to Canada.
Traditional markets are being supplied by new, abundant sources of shale gas.
CEO challenges international report that suggests BC’s LNG export prospects have darkened due to weakened demand in Asia.
International Energy Agency predicts Canada won’t have any LNG export projects online by 2020.
Industry officials have reacted favourably to a 3.5% income tax and emissions standards introduced in the fall legislature.
LNG Canada joint-venture says its Kitimat export facility would produce up to $39 billion in tax revenues over its lifespan.
There’s more projects chasing buyers than vice versa, complicating the economics of exporting Canadian LNG.
Experts say the Malaysian firm’s message should be cause for worry.