British Columbia (B.C.) has passed the Liquefied Natural Gas Project Agreements Act, which provides the legislative authority for government to enter into LNG project agreements.
The bill has now received Royal Assent, after the B.C. legislature reconvened for a special summer legislative session on 13 July.
B.C. Premier, Christy Clark, said: “Liquefied natural gas represents an extraordinary opportunity for people throughout the province […] This legislation sets the stage for building a clean, competitive new industry that gives British Columbians a fair share of the benefits - thousands of jobs, new connections for small and medium businesses, and new revenue to benefit B.C. for years to come.”
B.C.’s Finance Minister, Michael de Jong, said: “British Columbians own this resource and we have ensured a fair return for current and future generations who will benefit significantly […] LNG project proposals are the largest private sector investments the province has ever seen. With this legislation we have provided assurance for those seeking to make investments that the tax and royalty structure they operate under will be stable.”
The act allows for ratification of Pacific NorthWest LNG – the first LNG project agreement. The project is expected to make the biggest private sector capital investment in B.C.’s history, worth approximately US$36 billion, creating 4500 jobs at peak construction, as well as hundreds of long-term operational and spin-off jobs.
“LNG is a generational opportunity that is already creating jobs and training opportunities, and promises new revenue for British Columbians,” said Natural Gas Development Minister Rich Coleman. “We are creating a better future and a better British Columbia for our children and grandchildren. That’s something we can all be proud of.”
Pacific NorthWest LNG announced in June that it had reached an investment decision subject to approval of the project agreement by the B.C. legislative assembly and a positive regulatory decision on the project’s environmental assessment by the federal government.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/23072015/bc-passes-the-lng-projects-agreement-act-1054/