Minister of Finance travels to Malaysia to discuss B.C. LNG industry

Quiet morning of White Rock Beach BC

Photo courtesy of Todd Ye/Flickr

Finance Minister Michael de Jong travelled to Malaysia on July 25 to meet with government officials to review the significant progress toward making the first LNG project in B.C. a reality, and the project’s implications for enhanced bilateral trade between B.C. and Malaysia.

Government passed the Liquefied Natural Gas Project Agreements Act on July 21, 2015, and ratified the Pacific NorthWest LNG project agreements on July 23, 2015.

“Now that the Province has met its obligations, we are an important step closer to the company’s final investment decision and the start of an LNG industry in B.C.,” said de Jong. “We will keep moving forward to make this incredible opportunity a reality so we can build our economic portfolio, and create jobs and opportunities for British Columbians now and in the future.”

During this six-day trip, de Jong will meet with key government officials to discuss the ratification of a project agreement with Pacific NorthWest LNG, which is majority-owned by Malaysia’s nationally owned oil company, PETRONAS.

In June, Pacific NorthWest LNG announced 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.

If the project proceeds, Pacific NorthWest LNG will make an estimated $36-billion investment to build an LNG plant on Lelu Island near Prince Rupert. The project is expected to create 4,500 jobs at peak construction, as well as hundreds of long-term operational and spinoff jobs and an estimated $8.6 billion in additional provincial revenue by 2030 through taxes and royalties.

de Jong will also meet with investors to highlight B.C.’s economic strength, including the Province’s favourable credit story and investor opportunities such as LNG.

The estimated travel and accommodation cost for the minister and his chief of staff is approximately $7,900. Detailed information on final amounts will be made available.

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