News British Columbia

Premier Clark announces LNG agreement again 0

Jeremy Nuttall

By Jeremy Nuttall, 24 hours Vancouver

B.C. Premier Christy Clark seen here during a press conference in Vancouver, Feb.13, 2014, touts a letter of intent with Petronas during trade mission. (CARMINE MARINELLI/24 HOURS)

B.C. Premier Christy Clark seen here during a press conference in Vancouver, Feb.13, 2014, touts a letter of intent with Petronas during trade mission. (CARMINE MARINELLI/24 HOURS)

Our goal is to be the most competitive jurisdiction in the world for LNG, and build a sustainable industry that creates 100,000 jobs. — Premier Christy Clark

Premier Christy Clark announced Monday the signing of a letter of intent from her overseas trade mission.

Clark said the letter between herself and Petronas signifies movement in the provincial push for liquefied natural gas.

"Securing this commitment from Petronas shows that our strategy for attracting investment to B.C. is working," said Clark.

The letter said the company is committed to securing “long-term investments by Petronas” and the company has asked for certainty involving controlling costs from the province related to LNG.

The announcement is one of several involving Petronas promising investment in B.C.

Releases on April 30 and Oct. 7, 2013, both titled “province opens doors to Asian investment in LNG,” mentioned Petronas.

In December, Rich Coleman, the minister dedicated to the development of LNG, wrote an editorial released through the provincial communications website talking about a commitment from the Malaysia Company.

“In fact, right before I left, Petronas announced its intention to invest $16 billion into B.C. to develop its project, Pacific Northwest LNG — the single largest investment in British Columbia,” wrote Coleman, referring to a trip to Asia.

Petronas already has an LNG export licence as part of its partnership in Pacific NorthWest LNG.

Clark is currently on a short jaunt to Asia, with stops in Singapore, Malaysia, Hong Kong and China.

Critics of the province’s LNG expansion plans have alleged the focus on the Asia trip is more political than practical.

Last week, the Canadian Centre for Policy Alternatives released a report detailing the challenges around developing the industry and current low prices for the fuel.

Report author Marc Lee said Clark’s trip was a “desperate” attempt to get a deal after making lofty promises.

But the BC Liberals insisted the industry will present an economic boom to the province, creating more than 100,000 jobs by 2020.

 

 

 

 

 

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