Highbank Resources praises B.C. LNG export levy

Highbank Resources Ltd has praised the B.C. government for its decision to reduce the LNG export levy.

The company’s President and CEO, Victor Bryant, said: "The Highbank board of directors whole-heartedly applaud B.C. Premier Christy Clark and her Ministers on their revised B.C. LNG export levy."

Highbank Resources believes that the revised tax structure should entice the likes of the Petronas-led Pacific Northwest LNG, Shell Canada Energy’s LNG Canada, BG Group’s Prince Rupert LNG, and the Kitimat LNG project.

These energy giants form part of the B.C. LNG Developers Alliance.

According to reports, LNG Canada has also issued a statement in support of the government’s decision to revisit the original tax: "We are of the view that the BC LNG tax framework announced by the government provides balance and consideration of the global challenges in the LNG marketplace faced by the LNG sector in B.C. […] We consider it an important input to our decision-making process."

Earlier this week, the government of B.C. cut the proposed LNG tax from 7% to 3.5%, in an attempt to ensure fairer returns for British Columbians and certainty for the industry.

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquefaction/24102014/highbank-resources-praises-bc-lng-export-levy-1658/