The fund will be used to pay down the province's debt, reduce taxes, and invest in health care, education, employment and infrastructure.
Gas fund to pay down debt announced in throne speech
"Our LNG industry is quickly developing," comments Energy, Mines and Natural Gas Minister Rich Coleman. "Large industry players are investing millions of dollars now to prepare for the opportunity ahead. We owe it to British Columbians to create the greatest economic return possible, so we can ensure this opportunity delivers benefits to our citizens for generations."
The provincial government plans to have five LNG plants developed in northwest B.C. by 2020.
It's estimated if those five facilities reach full production that more that 100,000 jobs will be created, both during construction and long-term.