B.C. and Woodfibre Ink LoI for LNG Growth

British Columbia Premier Christy Clark and Woodfibre LNG Lead Director, Imelda Tanoto, signed a Letter of Intent to further the growth of liquefied natural gas (LNG) in the province.

This is the second agreement of its kind signed during the international trade mission underway.

“Woodfibre LNG is moving forward with their proposal because they understand the scope of the opportunity in British Columbia,” said Premier Clark. “We are building a competitive new export industry in our province – one that will create unprecedented prosperity and jobs for decades.”

“Woodfibre LNG is advancing rapidly towards reaching a final decision on the construction of the Woodfibre LNG project,” said Imelda Tanoto. “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.”

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

The Letter of Intent reflects the commitment by the Province and Woodfibre LNG to enter into negotiations regarding a Project Development Agreement to secure mutual interests.

The Province has requested that Woodfibre LNG continue to advance their intention to build an export facility in British Columbia and work toward a final investment decision for the project.

Both parties have agreed to assign senior executives to prepare terms of reference for a Project Development Agreement by June 30, 2014, to be negotiated by Nov. 30, 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.

[mappress]

Press Release, May 08, 2014