Petronas says as much as $11 billion is earmarked for two LNG plants on Lelu Island, about 15 kilometres south of Prince Rupert, and $5 billion will be invested in a 750 kilometre-long pipeline to be built by TransCanada. Japan Petroleum Exploration, or Japex, has already agreed to buy the LNG.
British Columbia’s minister responsible for liquefied natural gas is now saying this announcement validates B.C.’s commitment to LNG. Minister of Natural Gas Development Rich Coleman believes companies are beginning to announce their investment intentions for the province, now that the Liberals have been re-elected for another term.
During her election campaign, Premier Christy Clark pledged to launch a massive LNG processing and export industry in B.C., promising it could be the financial equivalent of Alberta’s oilsands.