Woodfibre LNG and B.C. ink agreement

British Columbia Premier Christy Clark has signed a Letter of Intent (LOI) with Woodfibre LNG Lead Director, Imelda Tanoto, to further the growth of LNG in British Columbia (B.C.). This is the second agreement of its kind signed during the international trade mission underway.

The LOI reflects the commitment by the Province and Woodfibre LNG to enter into negotiations regarding a Project Development Agreement (PDA) to secure mutual interests.

The Province has requested that Woodfibre LNG continues to advance its intention to build an export facility in B.C. and work toward a final investment decision for the LNG project.

Both parties have agreed to assign senior executives to prepare terms of reference for a PDA by 30 June 2014, to be negotiated by the end of November 2014.

Woodfibre LNG is proposing to construct a LNG processing and export facility at the industrial site of Western Forest Product’s former pulp mill near Squamish.

Premier Clark said: “Woodfibre LNG is moving forward with [its] proposal because they understand the scope of the opportunity in British Columbia.”

Imelda Tanoto commented: “Woodfibre LNG is advancing rapidly towards reaching a final decision on the construction of the Woodfibre LNG project […] Reaching this agreement with Premier Christy Clark is a strong signal to our company that the Government of British Columbia is committed to the success and viability of the LNG sector.”

The Minister of Natural Gas Development, Rich Coleman, added: “We are strengthening global partnerships and working collaboratively with LNG proponents to create new economic opportunities for British Columbia […] This initiative is another example of our commitment to ensure B.C.’s natural gas supports a growing economy and creates long-term jobs.”

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquefaction/08052014/woodfibre_lng_and_bc_ink_lng_agreement_546/