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B.C. announces successful LNG trade mission

LNG Industry,

Premier Christy Clark has returned to British Columbia (B.C.) after her fifth international trade mission. The Premier returned from Hong Kong having signed LNG agreements with Petronas and Woodfibre LNG and promoting B.C.’s attractiveness as an LNG exporting hub to potential Asian buyers.

“Each milestone we cross means getting closer to final investment decisions – any one of which would be the biggest private-sector investment in B.C.’s history,” said the Premier. “These companies are moving forward because they have confidence in B.C. as a secure long-term investment, and understand the scope of the opportunity.”

The Premier Clark’s delegation included Deputy Premier and Minister of Natural Gas Development Rich Coleman and other industry experts. From 2 – 9 May, they travelled to Malaysia, Singapore and Hong Kong – key LNG markets in Asia. The trade mission enabled B.C. to reinforce its relationships with companies and governments that have a keen interest in delivering on B.C.’s LNG potential.

Minister Coleman said: “We met with proponents backing LNG proposals in B.C. that will deliver reliable energy solutions to growing economies throughout Asia. The trade mission gave us an opportunity to reinforce the province’s competitive advantages to new investors and existing partners.”

Those advantages include B.C.’s stable economy, business friendly climate, reduced shipping times to Asia compared to its North American competitors, and its multicultural, highly skilled workforce.

Highlights of the mission:

  • Premier Clark opened the Hong Kong Stock Exchange (SEHK) on 9 May. SEHK is Asia’s second-largest stock exchange and the sixth largest in the world.
  • The Premier met with executives of Paper Excellence Group (PEG) on 8 May in Singapore to discuss the acquisition and reopening of the Chetwynd pulp mill. PEG announced this week that it intends to reopen the mill in northeastern B.C., which has been shut down since September 2012.
  • On 7 May in Singapore, Premier Clark and Woodfibre LNG lead director Imelda Tanoto signed a Letter of Intent (LOI) to advance the growth of LNG in B.C. Woodfibre LNG is proposing to construct an LNG processing and export facility at the industrial site of a former pulp mill near Squamish.
  • On 5 May in Malaysia, Premier Clark and Tan Sri Dato’ Shamsul Azhar Abbas, group CEO and president of Petronas, signed an LOI to work collaboratively to secure long-term investments in B.C.’s LNG sector. Petronas has submitted a proposal to build the Pacific Northwest LNG facility in Port Edward, representing an estimated CAN$ 11 billion investment.
  • The Premier met with senior government officials, including Malaysia's Prime Minister Najib Razak on 5 May.

Adapted from press release by Ted Monroe

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